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EGB/Gilt: Divergence in 10s30s

BOND SUMMARY
  • EGBs and gilts have generally drifted higher today, with 2s10s curves flattening.
  • However, there has been some divergence in 10s30s curves with the German, Dutch and Spanish curves relatively flat on the day but gilt, OAT and BTP 10s30s all steepening.
  • In terms of supply, we have seen another relatively weak German auction, this time with the Bobl auction seeing a bid-to-cover of 1.00x. UK 10-year and 25-year auctions have been decent. Greek 26-week bills have also been sold.
  • Data this morning has seen German retail sales miss expectations, Eurozone PPI largely in line with expectations while UK mortgage approvals were a little better than expected.
  • There are a number of ECB members taking part in the Green Swan conference today and between 2-4 June which has a tag line of "Coordinating finance on climate". BOE Governor Bailey is due to speak tomorrow. A full agenda for the conference is available here.
  • Gilt futures are up 0.16 today at 127.03 with 10y yields down -1.1bp at 0.814% and 2y yields down -0.7bp at 0.060%.
  • Bund futures are up 0.23 today at 170.06 with 10y Bund yields down -1.2bp at -0.191% and Schatz yields down -0.2bp at -0.669%.
  • BTP futures are up 0.18 today at 147.68 with 10y yields down -0.7bp at 0.893% and 2y yields down -0.1bp at -0.343%.
  • OAT futures are up 0.17 today at 160.54 with 10y yields down -1.2bp at 0.165% and 2y yields down -0.8bp at -0.662%.
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