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Core FI remains above Friday's close but lower than European opening levls

BONDS

Sovereign bonds opened higher this morning. This is largely on the back of the extended Russian sanctions with Russian banks being barred from SWIFT and US/UK/EU nationals not able to deal with the Russian central bank or other official Russian institutions. Despite this, we have seen core fixed income off of its highs, despite remaining below closing levels of last week.

  • Sovereign spreads have also widened this morning, with BTP-Bund 10-year spreads 3.4bp wider on the day.
  • Looking ahead, the MNI Chicago PMI is the data highlight with Fed's Bostic and ECB's Lagarde both scheduled to speak.
  • TY1 futures are up 0-22 today at 126-27+ with 10y UST yields down -5.1bp at 1.913% and 2y yields down -6.8bp at 1.504%.
  • Bund futures are up 0.51 today at 166.66 with 10y Bund yields down -4.5bp at 0.184% and Schatz yields down -6.5bp at -0.452%.
  • Gilt futures are up 0.25 today at 122.89 with 10y yields down -3.6bp at 1.453% and 2y yields down -4.7bp at 1.146%.
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