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Bunds / Gilts Pull Back But Curves Remain Flatter

BONDS
Gilt and Bund futures are at their lowest levels of London afternoon trade, with front Gilts now off 71 ticks from the session highs (still up 58 ticks on the day) at 94.86. The descent in Bunds has been more gradual, off 33 ticks (up 132 ticks on the day) at 133.12.
  • No particular catalyst for the retracement, looks like fading intraday highs after multiple dovish factors (including Euro bank stocks, which had been off as much as 5%, now paring those losses to 3.8%).
  • Cash curves remain near their flattest levels of the day however, with the short end showing relatively more weakness in the afternoon (eg UK 2s up 6bp in the last couple of hours vs 5bp for 10s).
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