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EGB/Gilt - Beat in NFP drives Yields higher

BONDS
  • A busier afternoon session for Govies and cross assets.
  • Yields spiked higher, following the decent US NFP beat, which also had a higher revision.
  • US AHE also beat expectations.
  • German 10yr Yield spiked to 0.933%, led by US treasuries.
  • Peripheral remains tighter this afternoon, Italy by 5bps.
  • Gilt have followed other futures, but lags somewhat against Germany.
  • Gilt/Bund spread is now testing the psychological level at 110.00bps, ahead of the next target at 112.00bps.
  • Looking ahead, after markets ratings:
  • Fitch on France (current rating: AA; Outlook Negative) and Latvia (current rating: A-; Outlook Stable).
  • Moody’s on the Czech Republic (current rating: Aa3; Outlook Stable).
  • S&P on the European Financial Stability Facility (current rating AA; Outlook Stable) and the European Stability Mechanism (current rating: AAA; Outlook Stable).
  • DBRS Morningstar on Sweden (current rating AAA; Stable Trend).
  • ALL EYES on US CPI next week.
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  • A busier afternoon session for Govies and cross assets.
  • Yields spiked higher, following the decent US NFP beat, which also had a higher revision.
  • US AHE also beat expectations.
  • German 10yr Yield spiked to 0.933%, led by US treasuries.
  • Peripheral remains tighter this afternoon, Italy by 5bps.
  • Gilt have followed other futures, but lags somewhat against Germany.
  • Gilt/Bund spread is now testing the psychological level at 110.00bps, ahead of the next target at 112.00bps.
  • Looking ahead, after markets ratings:
  • Fitch on France (current rating: AA; Outlook Negative) and Latvia (current rating: A-; Outlook Stable).
  • Moody’s on the Czech Republic (current rating: Aa3; Outlook Stable).
  • S&P on the European Financial Stability Facility (current rating AA; Outlook Stable) and the European Stability Mechanism (current rating: AAA; Outlook Stable).
  • DBRS Morningstar on Sweden (current rating AAA; Stable Trend).
  • ALL EYES on US CPI next week.