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EGB/GILT - Gilt outperforms despite the UK CPI

BONDS
  • Another calmer session for Bund and EGBs and we trade pretty much where we were so far this week.
  • Bund is close to flat at the time of typing.
  • Peripherals are a touch wider, Portugal and Spain by 1.4bp.
  • Gilts are surprisingly outperforming somewhat, despite the CPI beat this morning.
  • After starting the session wider, Gilt/Bund spread is now 2.3bps tighter, but well within yesterday's range.
  • Looking ahead, Fed Bowman, Mester, Daly, Waller, Evans, Bostic.
  • Gilt futures are up 0.09 today at 125.90 with 10y yields down -2.7bp at 0.961% and 2y yields down -3.7bp at 0.562%.
  • Bund futures are down -0.06 today at 170.71 with 10y Bund yields up 0.2bp at -0.242% and Schatz yields up 0.5bp at -0.733%.
  • BTP futures are down -0.34 today at 151.20 with 10y yields up 1.9bp at 0.988% and 2y yields up 0.5bp at -0.255%.
  • OAT futures are down -0.16 today at 166.70 with 10y yields up 0.9bp at 0.118% and 2y yields up 0.4bp at -0.807%.
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