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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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EGB/Gilt - Have extended gains today

  • Bund and EGBs have held onto the gains they made this morning during the afternoon session.
  • Volumes have been lighter side on the margin versus averages, with the Globe turning its attention to the US FOMC on Wednesday.
  • Peripheral have all traded wider as Bund outperforms, Greece is the widest by 3.7bps, and testing the widest level since June 2020.
  • Resistance in the Greek/Bund spread is at 175.0494, now trading at 173.4bps.
  • Gilt has kept up pace with Germany, and the spread has tightened by 1.7bps this afternoon, but trade well within this week's range.
  • Gilt futures are up 0.76 today at 123.42 with 10y yields down -8.1bp at 1.143% and 2y yields down -3.5bp at 0.854%.
  • Bund futures are up 0.84 today at 170.58 with 10y Bund yields down -5.9bp at -0.86% and Schatz yields down -4.3bp at -0.628%.
  • BTP futures are up 0.39 today at 146.04 with 10y yields down -3.4bp at 1.266% and 2y yields down -2.0bp at -0.109%.
  • OAT futures are up 0.65 today at 162.51 with 10y yields down -4.9bp at 0.313% and 2y yields down -1.0bp at -0.656%.
MNI London Bureau | +44 203-865-3806 |
MNI London Bureau | +44 203-865-3806 |

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