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EGB/Gilt - A busy afternoon session in terms of ranges

BONDS
  • A quite choppy afternoon session for EGBs and Bund.
  • Market rallied this afternoon, led by Italy (BTP), and France (OAT).
  • European investors continue to hunt for yield and BTP has so far found good receiving interest at the 2% yield mark.
  • BTP 10yr is at 1.898% at the time of typing, and is set for a 158 ticks range for the BTP.
  • Bund got dragged higher, and USA''s Blinken headline also provided more fuel for the rally after he said that the US see critical Russian units moving towards the border and not away!
  • Gilts are also bid this afternoon, despite the CPI beat this morning, the contract is taking its cue from Europe, but Gilts traders and GEMMs have also unwound some of the punchy hiking rate cycle outlook.
  • Looking ahead, attention turns to the FOMC minutes.
  • Fed Kashkari hosts town hall for United Natural Foods Inc.
  • Gilt futures are up 0.52 today at 120.12 with 10y yields down -6.0bp at 1.520% and 2y yields down -13.3bp at 1.396%
  • Bund futures are up 0.82 today at 165.36 with 10y Bund yields down -4.3bp at 0.263% and Schatz yields down -3.0bp at -0.383%
  • BTP futures are up 1.04 today at 139.33 with 10y yields down -6.8bp at 1.888% and 2y yields down -6.4bp at 0.189%
  • OAT futures are up 0.84 today at 156.73 with 10y yields down -4.6bp at 0.731% and 2y yields down -3.0bp at -0.323%.
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