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EGB/Gilt - A persistent rally this afternoon

BONDS
  • A consistent rally during the afternoon session for EGBs and Bund.
  • Some position squaring and likely some buying interest as we start a new Month/Quarter.
  • US ISM manufacturing and price paid miss has also underpinned Govies and Rates markets.
  • Most notable move in peripherals has been in the Greek/Bund spread, widening above 280.00bps.
  • Main initial resistance is still seen further out, at 290.9bps, the 2022 peak, and widest since 19/03/20.
  • Gilt has once again seen big moves, trading in a 316 ticks range.
  • BOE only accepted GBP22.1mln - out of a total GBP5.0bln.
  • Offers rejected GBP1.8897bln.
  • Gilt fell over 180 ticks on this, but has since recovered some of the move on the US data miss.
  • Looking ahead, focus turns to BoE man.
  • Other speakers include Fed Bostic and Williams, but unlikely to learn anything new.
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