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EGB/Gilt - Dust settles after a busy open

BONDS
  • A much calmer session this afternoon, after desk were seen squaring during the morning European session.
  • Bund is still up 48 ticks on the session at the time of typing.
  • BTP have underperformed, and as such the BTP/Bund spread sits 2.1bps wider so far today.
  • Most notable move in peripherals, is in the Greek/Bund spread, widening another 6bps and widest since 19th May 2020.
  • Gilt has carried on this afternoon and still trade inline with Germany, which is shown by a flat Gilt/Bund spread.
  • Mar Bund futures (RX) up 29 ticks at 165.23 (L: 164.48 / H: 165.48)
  • Germany: The 2-Yr yield is down 0.1bps at -0.332%, 5-Yr is down 2.4bps at 0.059%, 10-Yr is down 2bps at 0.264%, and 30-Yr is down 1.7bps at 0.457%.
  • Mar Gilt futures (G) up 17 ticks at 120.25 (L: 119.82 / H: 120.38)
  • UK: The 2-Yr yield is up 2.2bps at 1.384%, 5-Yr is down 0.2bps at 1.407%, 10-Yr is down 2.1bps at 1.503%, and 30-Yr is down 3.1bps at 1.582%.
  • Mar BTP futures (IK) down 14 ticks at 139.31 (L: 138.72 / H: 139.74)
  • Mar OAT futures (OA) up 20 ticks at 156.68 (L: 156.06 / H: 156.86)
  • Italian BTP spread up 2.3bps at 163bps
  • Spanish bond spread up 1.9bps at 90.6bps
  • Portuguese PGB spread up 2.9bps at 85.9bps
  • Greek bond spread up 6bps at 235.3bps

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