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EGB/Gilt - Greek/Bund widest since May 2020

BONDS
  • EGBs and Bund have remained in negative territory throughout today's session, and have extended some losses following the higher than expected US NFP.
  • Bund and EGBs are nonetheless just off the session lows, heading into the weekend.
  • Most notable move in peripherals, has been the Greek/Bund spread, which has now widened by another 11.5bps so far today, at widest level since May 2020.
  • Gilts are also in the red, but have held better than its German counterpart, although it is still down 30 ticks at the time of typing.
  • The Gilt/Bund spread has narrowed by 2 bps.
  • Most of the attention now turns to the US inflation next week.
  • Looking ahead for today, ECB's Villeroy will be speaking.
  • After market, sees plenty of Ratings:
  • Fitch on Norway (current rating: AAA; Outlook Stable)
  • Moody’s on Czech Republic (current rating: Aa3; Outlook Stable) & Russia (current rating: Baa3; Outlook Stable)
  • S&P on the EFSF (current rating: AA; Outlook Stable), the ESM (current rating: AAA; Outlook Stable), Latvia (current rating: A+; Outlook Stable), Luxembourg (current rating: AAA; Outlook Stable) & Sweden (current rating: AAA; Outlook Stable).
  • DBRS on Luxembourg (current rating: AAA; Stable Trend) & Sweden (current rating: AAA; Stable Trend)
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