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EGB/Gilt - Futures have extended lower

BONDS
  • EGBs and Bund resumed to the downside throughout the session.
  • Bund did find some support at the 1.30% yield resistance, printing a 151.21 low in future.
  • Peripheral spreads are all wider, Italy leads by 3.2bps, and the BTP/Bund spread continues to trade at its highest level since July.
  • Gilt/Bund spread is another 3.8bps wider, highest since 16th March, at 121.4bps.
  • Next resistance is at 124.11bps.
  • Looking ahead, plenty of data for tomorrow, with focus on FR/GE/EU/UK/US prelim services PMIs.
  • Sep Bund futures (RX) down 56 ticks at 151.61 (L: 151.21 / H: 152.84)
  • Germany: The 2-Yr yield is up 4.5bps at 0.869%, 5-Yr is up 4bps at 1.082%, 10-Yr is up 4.1bps at 1.271%, and 30-Yr is up 2.6bps at 1.43%.
  • Sep Gilt futures (G) down 58 ticks at 112.51 (L: 112.16 / H: 113.57)
  • UK: The 2-Yr yield is up 5.8bps at 2.583%, 5-Yr is up 6.9bps at 2.345%, 10-Yr is up 7.6bps at 2.487%, and 30-Yr is up 10.3bps at 2.817%.
  • Sep BTP futures (IK) down 75 ticks at 122.65 (L: 122.3 / H: 124.02)
  • Sep OAT futures (OA) down 53 ticks at 141.13 (L: 140.8 / H: 142.21)
  • Italian BTP spread up 2.7bps at 229.7bps
  • Spanish bond spread up 1.8bps at 117.5bps
  • Portuguese PGB spread up 1.4bps at 107.1bps
  • Greek bond spread up 3bps at 250.1bps
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