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EGB/Gilt

BOND SUMMARY
  • Core bonds have headed lower this morning, with Bunds falling through yesterday's lows (but within Friday's ranges) ,Treasuries remaining in yesterday's range and gilt remaining in Friday's range (after yesterday's holiday).
  • There has been no specific driver for bonds to move lower, although equities are generally a bit higher (with the exception of the FTSE100).
  • Supply this morning has been limited to German linkers and we are still looking for an imminent announcement of the German Green syndication (with an announcement possibly as soon as today).
  • Gilt futures are down -0.34 today at 134.67 with 10y yields up 3.0bp at 0.340% and 2y yields up 0.9bp at -0.69%.
  • Bund futures are down -0.21 today at 175.35 with 10y Bund yields up 1.0bp at -0.388% and Schatz yields down -0.6bp at -0.664%.
  • BTP futures are up 0.12 today at 146.33 with 10y yields down -1.7bp at 1.075% and 2y yields down -2.4bp at -0.97%.
  • OAT futures are down -0.16 today at 167.31 with 10y yields up 0.7bp at -0.90% and 2y yields down -0.6bp at -0.604%.

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