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EGB/Gilt - An impressive 201 ticks range for Bund

BONDS
  • Another busy session for EGBs/ Bund and Global Govies.
  • Once again Russia news is what drove multi cross assets.
  • The overnight Risk Off note was reversed this morning on the more positive news that Russian legislator are backing off wider separatist recognition claim.
  • This was followed by Russian Foreign Ministry, saying that Russia recognises breakaway Ukrainian Republic within borders that they currently control. In effect, it limits sanctions pressure for Russian too.
  • Bund is down 95 ticks at the time of typing,
  • The contract has traded in a 201 ticks range (165.16/167.17, and is off the low, with support seen at 165.14, printed a 165.16 low.
  • Peripherals are all tighter, Italy lead by 2.1bps, at 168.00.
  • Gilts have follow suit, dragged lower by Bund, and the spread between Gilt and Bund is just 0.7bp wider.
  • Most of the action for Gilt has been in roll with the pace jumping to 31% vs 8% on the EU open.
  • Looking ahead, Fed’s Bostic Takes Part in Moderated Q&A
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