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EGB/Gilt - 2yr UK yield tested 11 year high

BONDS
  • A busier afternoon session for Bund and EGBs, but more in terms of volumes, as oppose to ranges, with most contract mostly trading within the session range.
  • Bund is trading off the session lows at the time of typing,, but remains in negative territory.
  • Peripheral are small wider to flat, Portugal is 0.7bp wider, while Italy sits 0.3bp tighter.
  • Gilt has traded inline with Germany, and off the lows, after UK 2tr yield tested the 1% level, the highest print since 2011.
  • Gilt/Bund 10yr spread is 0.3bp wider.
  • Looking ahead, after markets, sees Ratings from Fitch on Hungary and Ireland, Moddy's on Finland, Lithuania, DBRS on Austria, and Estonia.
  • Gilt futures are down -0.23 today at 122.39 with 10y yields up 2.9bp at 1.256% and 2y yields up 1.7bp at 0.973%
  • Bund futures are down -0.36 today at 169.80 with 10y Bund yields up 2.6bp at -0.34% and Schatz yields up 1.0bp at -0.611%.
  • BTP futures are down -0.20 today at 145.61 with 10y yields up 2.1bp at 1.306% and 2y yields up 0.1bp at -0.107%
  • OAT futures are down -0.36 today at 161.68 with 10y yields up 3.2bp at 0.376% and 2y yields down -0.2bp at -0.662%.
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