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Bunds higher after initial weakness

BONDS
  • After reaching their lowest level of the month following German factory orders data this morning, Bund futures have reversed course and are now around 60 ticks off their intraday lows, back within yesterday's trading range. Gilts and Treasuries are little changed on the day.
  • We have seen the first of two gilt auctions and a Schatz auction this morning. This afternoon's BOE Financial Stability Portfolio sales will only see linkers on offer due to the DMO's long-dated conventional gilt auction.
  • TY1 futures are up 0-5+ today at 114-01 with 10y UST yields down -0.2bp at 3.574% and 2y yields down -2.1bp at 4.368%.
  • Bund futures are up 0.23 today at 142.00 with 10y Bund yields down -1.4bp at 1.863% and Schatz yields unch at 2.057%.
  • Gilt futures are up 0.09 today at 106.22 with 10y yields down -0.5bp at 3.094% and 2y yields down -4.8bp at 3.234%.

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