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EGB/Gilt - BTP and OAT lead the charge

BONDS
  • BTP and OATs lead the charge higher for Bonds.
  • The Dovish RBA overnight, scrapping its April 2024 0.1% Bond yield target, and putting cold water over aggressive tightening has kept Bond underpinned for the continent.
  • This has spilled over into JGBs and in turn Bund.
  • Continued momentum buying for BTP, saw the contract being up 151 ticks earlier, now just 141 at the time of typing.
  • Not much in terms of technical at current levels, next upside target for the contract is at the 146.60/149.90 gap.
  • The speed of the move in Italy is translating to a tighter BTP/Bund spread this morning, now by 5.9bps, after we traded at widest levels since November 2020 yesterday.
  • Gilts are also trading in the Green, but are lagging weighted by the early supplies, £3bn 2025 and £1.25bn 2071.
  • Despite the bid in the longer end, the UK 5s/30s lean bull steeper this morning.
  • Gilt/Bund spread is 1.5bp wider at 117.20bps.
  • Looking ahead, nothing of real note on the data front, speakers include ECB Elderson and de Cos
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