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EGB/Gilt - Attention turns to the FOMC minutes

BONDS
  • EGBs and Bund have traded within this morning's ranges this afternoon.
  • European PMIs provided very little in terms of clear market direction, given US NFP this Friday and inflation data next week.
  • Bund are close to flat on the day at the time of typing.
  • Peripherals are wider this afternoon, albeit in limited ranges although Greece has widened by 6.4bps, compared to the likes of Spain, by 1.2bps.
  • A more subdued session for Gilts, after some decent moves yesterday, as the contract caught up with Bund and Treasuries.
  • The Gilt/Bund spread is 1.2bp tighter, after some decent widening witnessed yesterday.
  • Looking ahead, attention turns to the FOMC minutes.
  • Mar Bund futures (RX) steady at at 170.81 (L: 170.59 / H: 170.93)
  • Germany: The 2-Yr yield is down 0.6bps at -0.619%, 5-Yr is down 1.3bps at -0.431%, 10-Yr is up 3.1bps at -0.091%, and 30-Yr is down 1.2bps at 0.245%.
  • Mar Gilt futures (G) up 19 ticks at 124.13 (L: 123.75 / H: 124.13)
  • UK: The 2-Yr yield is down 3.2bps at 0.736%, 5-Yr is down 2.2bps at 0.891%, 10-Yr is down 2.8bps at 1.057%, and 30-Yr is down 3.8bps at 1.174%.
  • Mar BTP futures (IK) down 35 ticks at 146.26 (L: 146.09 / H: 146.79)
  • Mar OAT futures (OA) down 1 ticks at 162.94 (L: 162.72 / H: 163.04)
  • Italian BTP spread down 0.6bps at 133.1bps
  • Spanish bond spread down 2.6bps at 68.6bps
  • Portuguese PGB spread down 3.3bps at 59.3bps
  • Greek bond spread up 3.1bps at 146.9bps
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