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EGB/Gilt - Are back to pre US NFP levels

BONDS
  • Most of the action was in FX today, with a continuous bid going into the USD, making new multi year/decades high.
  • EGBs and Bund have rallied throughout the session, and have consolidated the whole of the post US NFP sell offs.
  • Peripherals are all wider against the German 10yr, all around 2.5bps, besides Portugal, just 1.4bp wider.
  • Gilt has also consolidated the NFP sell off, was trading circa 115.03 pre Data, printed a 115.20 high today.
  • UK still lags Germany, which is pushing the Gilt/Bund spread 2.5bps wider, and widest since mid June (13th June).
  • Looking ahead, BOE's Bailey Speaks at OMFIF Event.
  • Gilt futures are up 0.70 today at 115.14 with 10y yields down -8.7bp at 2.144% and 2y yields down -7.7bp at 1.835%.
  • Bund futures are up 1.32 today at 151.39 with 10y Bund yields down -10.6bp at 1.235% and Schatz yields down -8.1bp at 0.431%.
  • BTP futures are up 0.62 today at 124.63 with 10y yields down -8.9bp at 3.191% and 2y yields down -6.0bp at 0.967%.
  • OAT futures are up 1.17 today at 140.89 with 10y yields down -11.5bp at 1.846% and 2y yields down -8.8bp at 0.384%.
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