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EGB/Gilt - Gilt underperform

BONDS
  • EGBs and Bund have held onto gains, but are off their highs, as Equities bounce off their lows.
  • Bund resistance noted at 154.45 has held, printed 154.43 high, and the contract is now back below 154.00, taking its cue from Risk On/Risk Off moves.
  • Peripheral are all tighter against the German 10yr, with Greece in the lead by 4.1bps.
  • Gilt has underperformed, pushing the Gilt/Bund spread 4.7bps wider today.
  • Most of the action has been in rolling positions into September.
  • Over half of the front month volume is spread related, with the pace now running at 40% completion.
  • Looking ahead, BoE Tenreyro, Fed Brainard are still yet to speak, but most of the attention turns to the FOMC minutes.
  • Gilt futures are down -0.58 today at 118.54 with 10y yields up 2.9bp at 1.915% and 2y yields unch at 1.439%.
  • Bund futures are down -0.12 today at 153.82 with 10y Bund yields down -1.6bp at 0.949% and Schatz yields down -3.1bp at 0.335%.
  • BTP futures are up 0.19 today at 128.65 with 10y yields down -2.3bp at 2.951% and 2y yields down -4.9bp at 0.895%.
  • OAT futures are down -0.05 today at 146.01 with 10y yields down -1.5bp at 1.480% and 2y yields down -3.6bp at 0.224%.
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