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EGB/Gilt - Bund is near pre cash open levels

BONDS
  • EGBs and Bund have recovered from this morning's lows, back towards flat on the day.
  • Bund is close to level where it was trading on the cash open, 154.36 vs 154.26 at the time of typing.
  • Peripherals spreads are generally within yesterday's ranges, Greece leads and is 2.5bps wider at 242.7bps.
  • Gilt future is lagging the German 10yr, and this is in turn pushing the Gilt/Bund 10yr spread at its widest levels since the 15th March.
  • Next upside resistance is at 124.11bps.
  • Looking ahead, Fed George and Kashkari are still scheduled for today.
  • Notable data for tomorrow are Japan CPI, UK retail sale.
  • Sep Bund futures (RX) up 16 ticks at 154.28 (L: 153.24 / H: 154.47)
  • Germany: The 2-Yr yield is down 0.8bps at 0.723%, 5-Yr is down 0.4bps at 0.894%, 10-Yr is down 0.6bps at 1.077%, and 30-Yr is down 1.7bps at 1.275%.
  • Sep Gilt futures (G) down 19 ticks at 114.14 (L: 113.63 / H: 114.53)
  • UK: The 2-Yr yield is up 0.4bps at 2.407%, 5-Yr is up 0.9bps at 2.157%, 10-Yr is up 1.6bps at 2.304%, and 30-Yr is up 1.2bps at 2.635%.
  • Sep BTP futures (IK) up 14 ticks at 125.2 (L: 124.27 / H: 125.3)
  • Sep OAT futures (OA) up 17 ticks at 143.49 (L: 142.52 / H: 143.64)
  • Italian BTP spread down 0.7bps at 222.6bps
  • Spanish bond spread up 0.5bps at 115bps
  • Portuguese PGB spread up 1bps at 105.6bps
  • Greek bond spread up 2.9bps at 246.1bps
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