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EGB/Gilt - Gilt/Bund spread widest since March 15th

BONDS
  • EGBs and Bund are off their lows this afternoon, after US PMIs missed expectations, and this was followed by the US Richmond Fed, also missing consensus.
  • EGBs and Bund are nonetheless still in the red at the time of typing.
  • BTP/Bund spread has faded some of this morning's widening, and now sits just 1bps wider against the German 10yr.
  • Greece remains in the lead and is 11.8bps wider, at 259.2bps.
  • Gilt future underperforms Bund and in turn still pushing the Gilt/Bund spread wider, as investors price more aggressive hikes from the BoE.
  • Gilt/Bund is another 4.3bps wider and testing next resistance at 124.11bps, the widest print since 15th March.
  • Looking ahead, tomorrow, sees US US Durable goods, as the only notable data release.
  • Gilt futures are down -0.67 today at 111.71 with 10y yields up 4.9bp at 2.561% and 2y yields up 7.3bp at 2.677%.
  • Bund futures are down -0.30 today at 151.06 with 10y Bund yields up 0.4bp at 1.307% and Schatz yields down -3.1bp at 0.847%.
  • BTP futures are down -0.50 today at 122.01 with 10y yields up 0.3bp at 3.625% and 2y yields down -1.6bp at 1.873%.
  • OAT futures are down -0.32 today at 140.58 with 10y yields up 1.1bp at 1.906% and 2y yields down -5.2bp at 0.696%.
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