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Bund Yields Reach Intraday High, Breach 2.20%

EGBS

EGBs have seen a wave of mid-afternoon pressure, with Bund yields briefly reaching intraday highs at 2.209%. 10Y Bund yields still sit just above 2.20% (which acted as a ceiling in yesterday's session).

  • Periphery spreads remain narrower to Bunds, though sit off narrowest levels of the day. Books for the Spanish 10Y Obli syndication closed in excess of E137bln, with E15bln sold.
  • ECB's Schnabel has re-affirmed that it is too early to talk about rate cuts, maintaining her hawkish lean.
  • ECB-dated OIS contracts have continued to pull back rate cut expectations, with 137bps now priced through 2024.
    Meeting Date ESTR ECB-Dated OIS (%)Difference Vs. Current Effective ESTR Rate (bp)
    Jan-243.903-0.10
    Mar-243.820-8.4
    Apr-243.634-27.0
    Jun-243.365-54.0
    Jul-243.119-78.6
    Sep-242.896-100.8
    Oct-242.710-119.4
    Dec-242.531-137.3
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