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EGB/Gilt - Have reversed the early European selling

BONDS
  • EGBs and Bund have recovered from their lows, after they tested their lower part of the ranges, pre European lunchtime.
  • Govies, and rates have been underpinned this afternoon as the US joined the session, and although ranges are once again quite wide, market moves have been more progressive.
  • Peripheral spreads are all close to flat against the German 10yr, besides Greece, which sits 6.9bps wider, but within past ranges.
  • Even the Gilt/Bund, which was trading 4.5bps tighter during the morning session, has reversed and trades 0.4bp wider.
  • Looking ahead, ECB Schnabel, Nagel, and US Fed Bostic, Kashkarri.
  • But ALL EYES turn to the UK CPI tomorrow morning (07.00BST).
  • Dec Bund futures (RX) up 68 ticks at 137.56 (L: 135.93 / H: 137.68)
  • Germany: The 2-Yr yield is up 0.1bps at 1.955%, 5-Yr is down 3bps at 2.05%, 10-Yr is down 4.5bps at 2.224%, and 30-Yr is down 3.3bps at 2.261%.
  • Dec Gilt futures (G) up 29 ticks at 97.52 (L: 95.84 / H: 98.29)
  • UK: The 2-Yr yield is down 5.2bps at 3.537%, 5-Yr is down 5.7bps at 3.885%, 10-Yr is down 3.6bps at 3.941%, and 30-Yr is down 6.8bps at 4.31%.
  • Dec BTP futures (IK) up 85 ticks at 111.57 (L: 109.88 / H: 111.65)
  • Dec OAT futures (OA) up 77 ticks at 131.41 (L: 129.68 / H: 131.49)
  • Italian BTP spread down 0.9bps at 237.9bps
  • Spanish bond spread down 0.4bps at 115.4bps
  • Portuguese PGB spread down 0.2bps at 107bps
  • Greek bond spread up 7bps at 274bps
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