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EGB/Gilt - Gilt future underperforms

BONDS
  • A more steady session for EGBs and Bund, but still a 108 ticks range for Bund.
  • Most desks sit on the sideline ahead of the awaited US CPI this week.
  • With the lack of volumes, the decent Corp- issuance for today has kept the lid on futures.
  • Peripheral spread are mostly tighter, Portugal and Italy by 1.7bp, while Greece is flat against the German 10yr.
  • Gilt future underperforms Europe, and BOE APF sold GBP750mln (cash) of medium-dated gilts with bid-to-cover of 1.35.
  • Gilt/Bund spread is wider today, by 3bps, but within Friday's range, after mostly tightening since mid October.
  • Looking ahead, Fed Collins and Barkin are still scheduled to speak.
  • Tomorrow's data include, Italy and EU retail sales.
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