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EGB/Gilt - Gilt under performs

BONDS
  • A more range bound afternoon session for EGBs and Bund, with futures trading within this morning ranges.
  • Real Money have been on the sideline at the start of week, with investors awaiting on the Key ECB meeting this week.
  • German Yields tested new multi year highs during the European morning session, but are off their peaks at the time of typing.
  • Although, Italy, Spain and Portugal Yields moved lower on the ECB FT piece, Greek 10yr Yield has extended gains, and target the psychological 4% ahead of the 2020 peak and highest level since January 2019 at 4.184%.
  • Italy, Spain, Portugal are all trading tighter against the German 10yr, while Greece is 10bps wider, after trading as wide as 18bps at some point this afternoon.
  • Gilts are still underperforming Germany this afternoon, and the GILT/Bund spread remains 1.3bp wider at the time of typing.
  • Looking ahead, there's no data nor speakers scheduled for the rest of the day.
  • Sep Bund futures (RX) down 19 ticks at 149.65 (L: 149.59 / H: 150.34)
  • Germany: The 2-Yr yield is up 2.8bps at 0.69%, 5-Yr is up 2.2bps at 1.037%, 10-Yr is up 2.3bps at 1.296%, and 30-Yr is up 3.2bps at 1.554%.
  • Sep Gilt futures (G) down 61 ticks at 115.19 (L: 114.9 / H: 115.55)
  • UK: The 2-Yr yield is up 5.8bps at 1.743%, 5-Yr is up 5.7bps at 1.824%, 10-Yr is up 4.2bps at 2.197%, and 30-Yr is up 2.2bps at 2.438%.
  • Sep BTP futures (IK) up 33 ticks at 122.19 (L: 121.78 / H: 123.15)
  • Sep OAT futures (OA) down 9 ticks at 139.9 (L: 139.89 / H: 140.72)
  • Italian BTP spread down 4.8bps at 208.3bps
  • Spanish bond spread down 1.4bps at 115.2bps
  • Portuguese PGB spread down 0.9bps at 119.2bps
  • Greek bond spread up 9.8bps at 254.8bps
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