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EGB/Gilt - Gilt underperforms

BONDS
  • A more subdued start for EGBs and Bund, with lower than average volumes, but another session in terms of ranges.
  • EGBs and Bund have dipped lower this afternoon, but trade within Friday's ranges.
  • Peripheral spread are tighter, with Greece in the lead, by 11.3bps.Gilt underperforms this afternoon pushing the Gilt/Bund spread 3.5bps wider.
  • Interesting part of the opening comments from Mann's speech as part of the MNI Connect event is that she "opens the door to a policy rate reversal in the medium term"
  • This suggests she would probably be less worried about over-tightening in the near-term, as she seems more concerned with stopping inflation expectations being embedded in the near-term. So it doesn't sound as though there is any reason to suggest she would not continue to vote for a 50bp hike in August.
  • Looking ahead, ECB Lagarde, Nagel, Lane and Fed Bullard are the remaining speakers.
  • Gilt futures down 80 ticks at 111.37.
  • Bund futures are down -0.56 today at 143.74 with 10y Bund yields up 5.3bp at 1.710% and Schatz yields up 4.4bp at 1.115%.
  • BTP futures are down -0.32 today at 119.74 with 10y yields up 2.4bp at 3.606% and 2y yields down -0.3bp at 1.582%.
  • OAT futures are down -0.54 today at 134.67 with 10y yields up 6.2bp at 2.261% and 2y yields up 2.3bp at 0.919%.
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