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Bull flattening

BOND SUMMARY

Bull flattening has been the theme for core FI to begin the week. The biggest moves have been seen in gilts.

  • Despite today's data calendar being rather light, the week as a whole has a number of key data points. In Europe, flash HICP prints will be the main talking point kicking off with Spanish and German prints tomorrow ahead of Wednesday's French, Italian and Eurozone aggregate flash readings. Across the pond in the US, the focus will be skewed more towards the labour market with ADP on Wednesday, ahead of payrolls on Friday.
  • This week is also likely to see a fair amount of supply in Europe with a second NGEU syndicated transaction expected alongside over E25bln of EGBs sold via auctions.
  • TY1 futures are up 0-4+ today at 132-00 with 10y UST yields down -0.7bp at 1.518% and 2y yields down -0.4bp at 0.263%.
  • Bund futures are up 0.15 today at 171.92 with 10y Bund yields down -0.9bp at -0.165% and Schatz yields down -0.2bp at -0.654%.
  • Gilt futures are up 0.09 today at 127.64 with 10y yields down -1.4bp at 0.764% and 2y yields down -0.4bp at 0.074%.
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