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EGB/Gilt - A busy start for the week

BONDS
  • A busier start for the week for EGBs and Bund, and the latter has once again traded in a wide ranger, 102 ticks so far overnight and this morning.
  • The contract traded 93 ticks with under 10k overnight, but liquidity has picked up, as Europe came in, and Yield testing another multi year high.
  • This has been a continuation from the Friday's session, after more Banks upped their calls for 50bps hike for the US, with Citi joining on Friday and calling for four 50bps hikes (at each meeting).
  • Similar story for Europe, as traders look to price four 25bps hike from the ECB this year, with inflation not abating.
  • Peripheral spreads are all wider versus the German 10yr,, Greece is in the lead by 4.6bps.
  • Gilts are also down, with Global Bonds, but outperform Germany a touch, translating in a 2.2bps wider spread.
  • Looking ahead, BoE Bailey speaks on the Economy, while Rishi Sunak testifies to Parliament.
  • Gilt futures are down 57 ticks at 120.07
  • Bund futures are down -0.64 today at 158.01 with 10y Bund yields up 1.6bp at 0.600% and Schatz yields up 3.7bp at -0.107%.
  • BTP futures are down -0.72 today at 137.38 with 10y yields up 4.1bp at 2.121% and 2y yields up 5.0bp at 0.243%.
  • OAT futures are down -0.55 today at 150.83 with 10y yields up 1.2bp at 1.024% and 2y yields up 2.5bp at -0.84%.
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