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EGB/Gilt - Fading the sell off

BONDS
  • Another busy session for markets in terms of volumes.
  • Bund and peripherals have seen some corrective unwind and short cover.
  • Bund dipped lower with Treasuries, after the US CPI saw a 2 tenth beat, but we have since reversed, as desk favoured some squaring and fading moves ahead of the 2021 high in Bund 10yr yield, with some RECeiving flow.
  • Peripheral are a touch wider, but the standout is Greece, wider by 3.9bps against the German 10yr.
  • Gilts have outperformed, and we are seeing some good tightening versus Germany after we traded at widest levels since 2016.
  • The Gilt/Bund spread is 3.7bps tighter at 119.4, after testing 130.7796 on Monday.
  • Curves have flattened across the board.
  • Looking ahead, attention turns to the FOMC, and on any insight regarding the thinking on Taper from policy setters.
  • Fed Brainard makes remarks, but unlikely to learn anything new.
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