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EGB/GILT - Fades the flattening bias

BONDS
  • A low volumes session for EGBs keeps contracts within ranges.
  • Bund volumes run at around 85% of the 10 day averages, but doesn't give out the true picture, since volumes have also been on the low of late.
  • German curve initially bull flattened, but has since faded and we trade flat at the time of typing.
  • BTP/Bund spread continues to find a short term base at 100.00bps.We printed a 100.1972 yesterday and now at 101.2bps.
  • Gilts trade inline with their European counter parts, up 5 ticks on the session.
  • Volumes in Gilts are at 60% of the 10 day average.
  • Gilt/Bund spread is tighter this morning, by 0.7bp.
  • Looking ahead, US Michigan is the only notable data release.
  • We have no speakers, nor supplies.
  • After market, we'll see ratings from Moody's on Ireland and DBRS on Belgium
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