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EGB/Gilt - Positioning ahead of NFP

BONDS
  • EGBs and Bund are offered, on likely positioning ahead of the US NFP, although Italian BTP outperforms in early trade, pushing the BTP/Bund spread 1.8bps tighter so far in early trade.
  • Greece is still in the lead and sits 3.9bps tighter against the German 10yr.
  • Bund is drifting lower as the US starts to come in and has tested small initial support noted at 157.57, printed 157.58 low so far.
  • Gilt/Bund spread was initially wider, after it broke through the April high yesterday, that was 106.10.
  • Next psychological level is at 110.00bps, but better is seen towards 112.00bps.
  • The spread is now widest since 25th March, but is flat at the time of typing.
  • Focus turns to the US NFP release, speakers include BoE Pill and Fed Barkin.
  • Sep Bund futures (RX) down 27 ticks at 157.63 (L: 157.58 / H: 158.21).
  • Germany: The 2-Yr yield is up 1.7bps at 0.36%, 5-Yr is up 3.3bps at 0.577%, 10-Yr is up 2.7bps at 0.83%, and 30-Yr is up 1.2bps at 1.051%.
  • Sep Gilt futures (G) down 28 ticks at 117.91 (L: 117.76 / H: 118.14).
  • UK: The 2-Yr yield is down 1.1bps at 1.843%, 5-Yr is up 0.2bps at 1.724%, 10-Yr is up 2.2bps at 1.911%, and 30-Yr is up 1.1bps at 2.298%.
  • Sep BTP futures (IK) up 22 ticks at 128.92 (L: 128.51 / H: 129.07)
  • Sep OAT futures (OA) down 24 ticks at 146.42 (L: 146.37 / H: 146.86)
  • Italian BTP spread down 3bps at 210.3bps
  • Spanish bond spread down 0.5bps at 109.3bps
  • Portuguese PGB spread down 0.8bps at 101.3bps
  • Greek bond spread down 2.5bps at 213.9bps
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