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5-Year Auction Results


VIEW: TD Securities Tweak RBNZ Call


Softer USD Lends Support


10s Out Of The Recent Range


Injection Helps Keep Repo Rates Subdued


Futures Unwind Overnight Losses

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EGBs have stayed within ranges this afternoon, albeit better offered as some long squared.

  • Bund has found some support and demand at the week's low 176.00, as the contract slowly approached oversold territory, and likely that some desk look ahead to Month End.
  • Note that, for EGB, extension are average.
  • Peripherals, all but Italy are trading tighter, Greece is in the lead by 2.1bps, while Italy is 0.1bp wider.
  • Gilts have traded inline with Bund this afternoon, and the contract now sits at 129.58, after printing a 129.37 low.
  • Month end extension for the UK are LARGE, with Barcap running at +0.16yr.
  • Gilt/Bund spread is flat, but we still trend at widest levels since the start of May, now at 102.3042bps.
  • Gilt futures are down -0.10 today at 129.59 with 10y yields up 0.9bp at 0.583% and 2y yields down -0.6bp at 0.074%
  • Bund futures are down -0.14 today at 176.27 with 10y Bund yields up 1.1bp at -0.440% and Schatz yields unch at -0.760%.
  • BTP futures are down -0.07 today at 154.23 with 10y yields up 1.3bp at 0.628% and 2y yields up 0.5bp at -0.450%
  • OAT futures are up 0.02 today at 161.88 with 10y yields up 0.1bp at -0.88% and 2y yields up 0.2bp at -0.712%.