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EGB/Gilt - A week for the history books

BONDS
  • Another extremely busy session with massive ranges and fast market action.
  • SNB surprise 50bps hike set out the tone this morning for Europe, EGBs and Bund, with Yield rallying to new multi year highs.
  • Govies have since bounce off their lows as desks square, but futures are well short of their session highs.
  • Peripherals spread have continued to tighten, with Italy by another 13bps and Greece 10bps.
  • Equities are falling on recession fears, as CBs hikes, with 75bps from the Fed yesterday.
  • A massive session for Gilt also, with BoE delivering the expected 25bps hike to 1.25%, but the Bank of England left the door open to potentially larger hikes in upcoming meetings.
  • Gilt/Bund spread is flat on the session.
  • Looking ahead, there's nothing left for the session, tomorrow sees the EU final CPI, US IP and speakers include BoE Tenreyro, Pill, ECB Simkus and Fed Powell.
  • Gilt futures are down 168 ticks at 111.00
  • Bund futures are down -2.11 today at 142.50 with 10y Bund yields up 14.5bp at 1.784% and Schatz yields up 14.8bp at 1.212%.
  • BTP futures are down -0.58 today at 117.23 with 10y yields up 3.9bp at 3.846% and 2y yields up 2.8bp at 1.791%.
  • OAT futures are down -1.55 today at 133.59 with 10y yields up 12.2bp at 2.344% and 2y yields up 13.7bp at 1.038%.
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