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Bunds, Gilts Off Highs

BOND SUMMARY

Core FI is stronger as equities come off session highs, with curves flatter; periphery spreads modestly coming off tightest levels.

  • Limited data slate today (German trade numbers for Aug exceeded expectations on both imports and exports). ECB will release accounts of its Sep meeting at 1230BST.
  • BOE's Bailey and ECB's Schnabel speaking on a panel now; ECB's Guindos and de Cos on after 0900BST; ECB's Mersch up at 1115BST.
  • In supply, Ireland sells E1-1.5bn of 0.2% May27, 0.2% Oct30 and 0.4% May35; Italy issues up to E2B of 2.45% Sep-33 BTP in an exchange operation.

Latest levels:

  • Dec Bund futures (RX) up 11 ticks at 174.24 (L: 174.04 / H: 174.27)
  • Dec Gilt futures (G) up 10 ticks at 135.22 (L: 135.1 / H: 135.25)
  • Dec BTP futures (IK) up 13 ticks at 148.77 (L: 148.6 / H: 148.87)
  • Dec OAT futures (OA) up 12 ticks at 168.56 (L: 168.36 / H: 168.59)
  • Italy / German 10-Yr spread 0.2bps wider at 128bps
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