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Bunds underperform USTs and gilts, peripheral spreads steady

EGB SUMMARY
  • Bunds have underperformed both Treasuries and gilts today as equities have come under pressure and risk sentiment has deteriorated.
  • In spite of this, peripheral spreads have barely budged for most of the day. BTPs have moved back above 150 after breaching the psychological level this morning but dipping back below. BTP-Bund spreads have remained at their lowest levels for over two years.
  • Bund futures are up 0.23 today at 175.04 with 10y Bund yields down -1.2bp at -0.557% and Schatz yields down -0.8bp at -0.740%.
  • BTP futures are up 0.09 today at 150.06 with 10y yields down -1.5bp at 0.661% and 2y yields up 0.3bp at -0.349%.
  • OAT futures are up 0.19 today at 169.36 with 10y yields down -1.1bp at -0.297% and 2y yields down -0.4bp at -0.696%.
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