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Bund test yesterday's high

BONDS
  • Bund is through yesterday's high, that was 136.48, breaking the tight previous range.
  • Not seeing a clear driver on this small pop higher, and better volume has gone through in OATs, which is leading with the BTP.
  • Once again this morning, notable volume is in Rates and the Euribor and especially the ERU4/ERZ4.
  • 4.8k outright spread went through, which helps explains the elevated volume for this of the Day.
  • We saw similar flows on the 3rd February, after the ECB (2nd Feb), in that spread.

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