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EGB/Gilt - Another incredible session for UK markets

BONDS
  • Another extremely busy session for UK markets, which are leading Global markets.
  • Gilt trade in a massive 626 ticks range after the BoE decided to calm market, by temporarily buy long-dated bonds and delay quantitative tightening.
  • UK 30yr Yield, fell over 100bps since the announcement, after printing a 5.142% high, yield fell all they way to print a 3.916% low.
  • EGBs and Bund have followed suit, but futures are of course lagging the UK.
  • Peripheral spreads are mixed against the German 10yr, Italy is 7.3bps tighter, while Greece sits 2.8bps wider.
  • All the action has been in the Gilt/Bund spread which has tightened by a massive 39.1bps.
  • Looking ahead, ECB Elderson, Fed Bowman, Barkin, Evans are still scheduled to speak.
  • Dec Bund futures (RX) up 60 ticks at 137.74 (L: 135.52 / H: 138.09)
  • Germany: The 2-Yr yield is down 13.7bps at 1.846%, 5-Yr is down 11.8bps at 2.052%, 10-Yr is down 6.1bps at 2.17%, and 30-Yr is down 1.9bps at 2.073%.
  • Dec Gilt futures (G) up 316 ticks at 96.39 (L: 90.99 / H: 97.25)
  • UK: The 2-Yr yield is down 30.3bps at 4.344%, 5-Yr is down 33.5bps at 4.364%, 10-Yr is down 42.9bps at 4.077%, and 30-Yr is down 100.2bps at 3.986%.
  • Dec BTP futures (IK) up 104 ticks at 111.13 (L: 108.13 / H: 111.5)
  • Dec OAT futures (OA) up 54 ticks at 131.52 (L: 129.46 / H: 131.92)
  • Italian BTP spread down 8.3bps at 244.3bps
  • Spanish bond spread down 3.1bps at 117.3bps
  • Portuguese PGB spread down 2.6bps at 107.7bps
  • Greek bond spread up 3.4bps at 273bps
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