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EGB/Gilt - Greece underperforms

BONDS
  • A choppy session for EGBs and Bund, in lower volumes, with Real Money likely on the sideline.
  • Contracts remains in the red at the time of typing, with Italy underperforming Bund this afternoon.
  • In turn, the BTP/Bund spread trades 8.1bps tighter.
  • But Greece is still in the lead, and has widened another 16.8bps against the German 10yr, now widest since April 2020.
  • ECB Visco: "Nothing wrong with a July hike, exit must be more gradual than someone might think."
  • Gilt is also underperforming Bund, and the Gilt/Bund spread sits 3.8bps.
  • Looking ahead, ECB's de Cos at Opening of Exhibition at Belgian Central Bank.
  • After markets, rating from S&P on Ireland and Moody on Portugal.
  • Gilt futures are down -0.50 today at 118.61 with 10y yields up 4.4bp at 1.907% and 2y yields up 2.9bp at 1.507%.
  • Bund futures are down -0.13 today at 153.75 with 10y Bund yields up 0.7bp at 0.954% and Schatz yields down -1.2bp at 0.345%.
  • BTP futures are down -0.91 today at 128.22 with 10y yields up 8.9bp at 2.988% and 2y yields up 4.7bp at 0.956%.
  • OAT futures are down -0.29 today at 146.03 with 10y yields up 2.2bp at 1.474% and 2y yields down -1.1bp at 0.248%.
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