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Impulsive Rally Extends

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Late Eurodollar/SOFR/Treasury Option Roundup

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Late Corporate Credit Update

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BONDS
  • Another more steady session for EGBs and Bund, but still close to a 100 ticks range for Bund.
  • Continued tightening in the peripheral spread against the German 10yr.
  • Greece is still in the lead, and was tighter by another 15bps, now 11.4bps at the time of typing.
  • To a lesser extend, Italy (4.6bps), Portugal (2.7bps), and Spain (2.6bps).
  • Greek/Bund is now tightest since April, with next support target at 200.00 (psychological,) and 198.82bps (April low and lowest since February).
  • Gilt has traded in line with Bund, as investors await the UK CPI print tomorrow morning.
  • Gilt/Bund spread is just 0.3bp wider.
  • Looking ahead, Fed Barkin and Mester are the remaining speakers.
  • Gilt futures are 40 ticks at 110.87.- Bund futures are down -0.05 today at 143.41 with 10y Bund yields up 1.4bp at 1.759% and Schatz yields down -1.8bp at 1.121%.
  • BTP futures are down -0.17 today at 119.08 with 10y yields down -3.9bp at 3.657% and 2y yields down -3.8bp at 1.581%.
  • OAT futures are down -0.24 today at 134.08 with 10y yields up 0.9bp at 2.324% and 2y yields down -2.2bp at 0.930%.

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