EGB/Gilt - Hawkish BoE stuns markets

Another busy session for EGB's and Bund, but the main event was the unexpected Hawkish BoE

• Gilts drove Govies lower across the board, and some big repricing in the short Sterling strip, now fully pricing a UK rate hike of 15bps (0.15%) by February..
• Bund trade below the 171.00 figure at the time of typing, but still short of initial support at 170.81.
• A clear break through the latter opens to 170.50 (-0.246% in yield).
• Peripheral spread are tighter against the German 10yr, Greece by 0.9bp
• The biggest move was of course the Gilt/Bund spread widening through the September peak, and now at widest levels since September 2019.
• Trading at 116.0bps
• Gilt futures are down 97 at 126.53.
• Bund futures are down -0.85 today at 170.89 with 10y Bund yields up 5.4bp at -0.271% and Schatz yields up 2.1bp at -0.694%.
• BTP futures are down -0.61 today at 153.90 with 10y yields up 4.8bp at 0.711% and 2y yields up 1.8bp at -0.503%.
• OAT futures are down -0.81 today at 167.33 with 10y yields up 5.2bp at 0.061% and 2y yields up 0.6bp at -0.693%.