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EGB/Gilt - Some widening bias.

BONDS
  • A more mixed session for Bund and EGBs this afternoon.
  • BTP resumed their fall this afternoon, dragging Bund towards Friday's low at 167.71, printed a 167.69 low.
  • Desk continue to favour fading downside moves nearer the yield resistance at -0.05%.
  • Bund has since recovered to trade flat on the session.
  • Today saw continued widening moves in the BTP/Bund spread now by 6.4bps.
  • Gilts are also better offered, on positioning ahead of the BoE this week, and this has helped the Gilt/Bund spread to widen by 3.6bps.
  • Looking ahead we have nothing left on the calendar, for today.
  • Gilt futures are down -0.32 today at 124.60 with 10y yields up 4.8bp at 1.080% and 2y yields up 0.4bp at 0.705%.
  • Bund futures are down -0.03 today at 168.09 with 10y Bund yields up 1.5bp at -0.92% and Schatz yields down -1.4bp at -0.605%.
  • BTP futures are down -0.59 today at 147.67 with 10y yields up 7.8bp at 1.247% and 2y yields up 0.9bp at -0.26%.
  • OAT futures are down -0.03 today at 163.97 with 10y yields up 2.0bp at 0.288% and 2y yields unch at -0.633%.
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