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EGB/GILT - Better offered this morning

BONDS

EGBs are trading heavy during our morning European session, but still within yesterday's ranges for Bund at least.

  • Underpinned risk, has kept the lid on Bond's upside.
  • BTP led Govies lower, with some report of EU300mln sold in the 30yr part of the curve on.
  • BTP/Bund edges 1bp wider, and BTP area of support is still seen at 154.54 (Aug 11 low)/154.52 channel.
  • Most other peripherals trade flat against the German 10yr, although Greece has tightened 0.8bp so far.
  • Gilts have seen another session dominated by rolling positions into the December contract.
  • September and December are trading close to similar volumes today,, 181k vs 141k in Dec.
  • Gilt/Bund spread sit a touch tighter, and at lowest level since the 4Th August.
  • Looking ahead, US prelim Durable Goods Orders is the notable data release.
  • Fed Mary Daly (takes part in a panel discussion on "Fintech, Racial Equity, and an Inclusive Financial System)
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