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EGB/Gilt - Bund outperforms

BONDS
  • EGBs and Bund have seen Yield extending lower, on safe haven play, with risk mostly tilted to the downside.
  • Nonetheless, futures are off their respective lows, as the downside momentum in risk lose traction this afternoon.
  • Some likely squaring from desk heading towards the end of the European session.
  • Peripherals are all wider, with Greece in the lead by 4.3bps.The Greek/Bund spread is back at widest level since May 2020, at 257.55bps.
  • Gilts are underperforming Bund, and the Gilt/Bund spread sits 4.8bps wider, with investors fading, after the spread tested the tightest level since January 2021 on Monday.
  • Looking ahead, Riksbank's Floden speaks on Monetary Policy, ECB de Cos, Holzmann, and Fed Kashkari are the scheduled speakers left for the day.
  • Gilt futures are up 0.08 today at 119.24 with 10y yields down -1.9bp at 1.844% and 2y yields up 2.3bp at 1.470%.
  • Bund futures are up 0.82 today at 153.76 with 10y Bund yields down -7.7bp at 0.950% and Schatz yields down -2.2bp at 0.352%.
  • BTP futures are up 0.28 today at 129.07 with 10y yields down -5.1bp at 2.908% and 2y yields down -1.7bp at 0.908%.
  • OAT futures are up 0.68 today at 146.24 with 10y yields down -7.1bp at 1.455% and 2y yields down -0.9bp at 0.255%.
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