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EGB/Gilt - Drifting back in the red

  • Govies were better bid as the US started to come in, but we are once again fading from the best levels, after US Nasdaq printed another new record high on the US cash open.
  • Bund is down 5 ticks on the day, but we trade within the morning range.
  • Peripherals have tightened a little bit more, with Italy and now Greece leading, by 1.5 and 1.1bp respectively.
  • Gilts have traded inline with Bund,, albeit tighter on the margin.
  • Gilt/Bund spread trades 0.7bp tighter at the time of typing.
  • Rolling position into December has been the main market flow for the UK Bond.
  • The roll has picked up pace this afternoon, and runs at 37% completion
  • Gilt futures are up 0.02 today at 130.15 with 10y yields up 0.1bp at 0.535% and 2y yields up 0.9bp at 0.119%.
  • Bund futures are down -0.05 today at 176.84 with 10y Bund yields up 0.7bp at -0.475% and Schatz yields unch at -0.752%.
  • BTP futures are up 0.13 today at 154.97 with 10y yields down -0.8bp at 0.572% and 2y yields down -1.5bp at -0.509%.
  • OAT futures are down -0.04 today at 162.41 with 10y yields up 0.8bp at -0.127% and 2y yields up 0.1bp at -0.732%.

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