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EGB/Gilt - New multi year high yields

BONDS
  • EGBs and Bund continued to collapse today, with yield reaching new multi years highs.
  • Volumes were also a little better, compared to the last 7 sessions, but are still overall below what you would expect for Bund.
  • The main driver, besides the Hawkish Fed Powell last night which set the early downside tone, was the constant rally in Equities, which started during the European morning hours, and contracts saw some follow through as the US came in.
  • The move in risk (Europe) is a little perplexing, as tension in Russia remains, also higher rates would imply the end of cheaper money.
  • Seems the reflation trade has taken a back seat of late, and potentially more rebalancing out of Govies and into Equities could have been at plau.
  • US Equities saw short covers, as they caught up with the European move.
  • Peripheral spreads are mixed, Greece is 0.9bp wider and Spain 2.1bps tighter.
  • Gilt outperform Bund, but ie 90 ticks down vs 101 ticks for the Bund at the time of typing.
  • Gilt/Bund spread is in turn 1.1bp wider.
  • Looking ahead, BoE Cunliffe, ECB Lane, SNB Jordan, and Fed Daly, Mester, are yet to speak.
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