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EGB/Gilt - A busy morning session

BONDS
  • A really busy morning session for EGBs and particularly Bunds.
  • Big volumes have traded, as investors continue to short cover after we tested the German 10yr yield level at -0.0704% last week.
  • Some of the moves have been led by the short end, back end Euribor strip, with decent buying in Greens (2023/2024), Blues (2024/2025) and Gold (2025/2026), after the strip was trading in negative territory on the open.
  • Peripheral spread are mixed, Portugal and Greece are 1.3 and 1.6bp wider respectively, while Italy sits just 0.3bp tighter.
  • Gilt have kept up pace and is trading inline for Bund, reflected in a flat Gilt/Bund spread.
  • Looking ahead, we have nothing of real note on the data front. Data starts tomorrow with US GDP.
  • Gilt futures are up 0.46 today at 124.90 with 10y yields down -4.7bp at 1.060% and 2y yields down -1.4bp at 0.605%.
  • Bund futures are up 0.60 today at 169.29 with 10y Bund yields down -4.5bp at -0.164% and Schatz yields down -0.4bp at -0.670%.
  • BTP futures are up 0.55 today at 151.55 with 10y yields down -5.0bp at 0.945% and 2y yields down -0.9bp at -0.228%.
  • OAT futures are up 0.63 today at 165.64 with 10y yields down -4.6bp at 0.178% and 2y yields down -0.7bp at -0.672%.
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