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EGB/Gilt - Germany curbs lead Europe higher

BONDS
  • A busy session for EGBs and Bund, and while the session has traded wide ranges, volumes are dominated by spreads/
  • Bund has pulled back 25 ticks from the high, after the contract tested above 173.00, printing 173.06.
  • This was following confirmation from previous stories that Germany will impose curbs on the unvaccinated.
  • Some Fast money profit taking as we move from the high, after mostly seeing some short covering on the way up.
  • Despite the bid in the longer end, its the shorter part of the curve that is leading the bull steepening bias in 5/30s, and are seeing the opposite for the US 5/30s, which is flattening, some divergence across the pond.
  • Gilts have kept up pace, but are still struggling against the German 10yr, and the Gilt/Bund spread is trading 1.9np wider, but well within' November's range.
  • Looking ahead, Fed Quarles, Bostic and Daly are stills scheduled, but attention turns to the NFP tomorrow,.
  • Although there's a risk that the dat could do little, with Covid and potential restrictions at the forefront.
  • Dec Bund futures (RX) up 77 ticks at 172.84 (L: 172.12 / H: 173.06)
  • Germany: The 2-Yr yield is down 2.5bps at -0.737%, 5-Yr is down 4.1bps at -0.635%, 10-Yr is down 3.8bps at -0.381%, and 30-Yr is down 2.8bps at -0.077%.
  • Mar Gilt futures (G) up 33 ticks at 126.53 (L: 126.32 / H: 126.75)
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