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EGB/Gilt - A fast market session

BONDS
  • A more range bound affair this afternoon, but this was nonetheless a busy fast markets, choppy session, with decent volumes.
  • Yields have continued their rallies during the European morning session, but futures are off their lows and in turn Yields off their multi years highs.
  • Risk remains under considerable pressure, on the high inflation, slow Growth risk pressures.
  • Curves have bear flattened, while peripheral spreads are widened against the German 10yr.
  • Italy is in the lead by 10.7bps, closely followed by Spain and Portugal, by 8.4 and 8bps respectively.
  • Gilt is down 32 ticks at the time of typing and faring better vs Germany, a continuation from this morning, after UK data missed expectations.
  • There's nothing left for the day, but the week is packed with events (CBs) Supply and speakers.
  • Sep Bund futures (RX) down 135 ticks at 145.63 (L: 145.27 / H: 147.19)
  • Germany: The 2-Yr yield is up 14bps at 1.111%, 5-Yr is up 11bps at 1.439%, 10-Yr is up 7.1bps at 1.587%, and 30-Yr is up 2.9bps at 1.688%.
  • Sep Gilt futures (G) down 42 ticks at 112.62 (L: 112.33 / H: 113.01)
  • UK: The 2-Yr yield is up 2.8bps at 2.074%, 5-Yr is up 3.3bps at 2.177%, 10-Yr is up 1.8bps at 2.465%, and 30-Yr is up 0.5bps at 2.575%.
  • Sep BTP futures (IK) down 205 ticks at 116.41 (L: 116.2 / H: 118.68)
  • Sep OAT futures (OA) down 141 ticks at 135.35 (L: 135.03 / H: 136.91)
  • Closing Yields / 10-Yr Periphery EGB Spreads To Germany:
  • Germany: The 2-Yr yield is up 14bps at 1.111%, 5-Yr is up 11bps at 1.439%, 10-Yr is up 7.1bps at 1.587%, and 30-Yr is up 2.9bps at 1.688%.UK: The 2-Yr yield is up 2.8bps at 2.074%, 5-Yr is up 3.3bps at 2.177%, 10-Yr is up 1.8bps at 2.465%, and 30-Yr is up 0.5bps at 2.575%
  • Italian BTP spread up 10bps at 234.7bps
  • Spanish bond spread up 8bps at 134.3bps
  • Portuguese PGB spread up 7.8bps at 135.8bps
  • Greek bond spread up 3bps at 291.1bps
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