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EGB/Gilt - Extend losses

BONDS
  • Another really busy session for Govies as we resumed moves to the downside'
  • Bund are off the low, after we tested that initial target at -0.18% in yield, and we printed a -0.174 high today.
  • Peripherals are all wider against the German 10yr, besides Portugal which is 0.4bp tighter. Italy is 3.5bps wider,
  • Some further widening in the Gilt/Bund spread this afternoon
  • Gilt/Bund spread is testing that 2019 peak at 121.0123, now at 120.9bps.
  • Widest level since 2016Looking ahead, we still have plenty of speakers, with ECB Schnabel, Panetta, Fed Bowman and Bostic
  • Dec Bund futures (RX) down 36 ticks at 169.81 (L: 169.48 / H: 170.31)
  • Germany: The 2-Yr yield is up 0.9bps at -0.68%, 5-Yr is up 1.9bps at -0.541%, 10-Yr is up 2.9bps at -0.194%, and 30-Yr is up 1.9bps at 0.269%.
  • Dec Gilt futures (G) down 46 ticks at 125.48 (L: 124.84 / H: 125.66)
  • UK: The 2-Yr yield is up 2.6bps at 0.412%, 5-Yr is up 3.5bps at 0.631%, 10-Yr is up 5bps at 1.002%, and 30-Yr is up 6.1bps at 1.336%.
  • Dec BTP futures (IK) down 89 ticks at 151.88 (L: 151.62 / H: 152.65)Dec
  • OAT futures (OA) down 58 ticks at 165.86 (L: 165.58 / H: 166.51)
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