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EGB/Gilt - Afternoon squeeze

BONDS
  • Some buying interest in Bund and Govies in the past hour or so while Equities drifts small lower.
  • Just the typical Friday afternoon squeeze, with desks positioning for the weekend, as Europe heads towards the end of day.
  • Volumes are still on the low side, but despite this and this has been the trend this week, Bund has still traded in a 119 ticks range today.
  • Bund is still in negative territory this afternoon, but heading towards flat for the session at the time of typing.
  • Gilt have outperformed, and the Gilt/Bund spread is in turn 1.4bp tighter.
  • Looking ahead after market:
  • S&P on Malta (current rating: A-; Outlook Stable), Norway (current rating: AAA; Outlook Stable) & Portugal (current rating: BBB; Outlook Stable).
  • Gilt futures are up 15 at 122.39- Bund futures are down -0.07 today at 162.71 with 10y Bund yields down -0.3bp at 0.267% and Schatz yields down -0.9bp at -0.407%.
  • BTP futures are up 0.37 today at 140.18 with 10y yields down -1.9bp at 1.881% and 2y yields down -3.8bp at 0.169%.
  • OAT futures are down -0.03 today at 154.75 with 10y yields up 0.3bp at 0.746% and 2y yields up 0.3bp at -0.326%.
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