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EGB/Gilt - Bid going into the weekend

BONDS
  • EGBs and Bund as well as world markets continue to take their cue from Russian headlines.
  • Most investors have been on the sideline, but safe haven (Bonds) are underpinned, into the end of the session going into the weekend, as desk position to alleviate any potential escalations in Eastern Europe.
  • Gilt outperforms today, Gilt/Bund spread continues to tighten by 4bps for the session and 13bps this week.
  • The Gilt/Bund spread printed a 130.2905 high on Monday.
  • The spread now eye support at 117.7541, now trading at 118.5bps.
  • Looking ahead, Fed Exans, Williams, Brainard and ECB Panetta, are still due to speak.
  • Gilt futures are up 0.70 today at 121.39 with 10y yields down -7.0bp at 1.392% and 2y yields down -5.5bp at 1.272%.
  • Bund futures are up 0.45 today at 166.29 with 10y Bund yields down -2.7bp at 0.202% and Schatz yields down -4.6bp at -0.481%.
  • BTP futures are up 0.12 today at 140.03 with 10y yields up 0.1bp at 1.835% and 2y yields down -1.6bp at 0.107%.
  • OAT futures are up 0.25 today at 157.43 with 10y yields down -1.3bp at 0.689% and 2y yields down -2.2bp at -0.387%.
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