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EGB/Gilt - Big rallies

BONDS
  • One thing to note during today's session, and the massive rallies in BTP and OATs, on short cover/profit taking, following some over reaction in Short Term interest rates and Govies pricing in hikes.
  • Desks continue to fade after we tested decent yield resistances.
  • Although the session isn't over, far more volumes were seen on the way down than the way up.
  • Last Thursday BTP traded the 2nd largest session (323k), and Friday the largest session on records (362k)
  • BTP has now closed the gap up to 149.90.
  • Gilts are also up on the session but have lagged EGbs, so the Gilt/Bund spread is 3.4bps wider.
  • UK curves has continued to trad bull steeper this afternoon, with the short end outperforming.
  • Gilt futures are up 0.56 today at 125.21 with 10y yields down -3.7bp at 1.022% and 2y yields down -4.0bp at 0.644%.
  • Bund futures are up 1.11 today at 169.26 with 10y Bund yields down -6.2bp at -0.166% and Schatz yields down -5.7bp at -0.672%
  • BTP futures are up 2.04 today at 149.91 with 10y yields down -14.2bp at 1.070% and 2y yields down -14.3bp at -0.182%
  • OAT futures are up 1.49 today at 165.54 with 10y yields down -8.8bp at 0.183% and 2y yields down -3.9bp at -0.675%.
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