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EGB/Gilt- Rallies in Yields resume

BONDS
  • EGBs and Bund have resumed their moves higher in Yield, printing new multi year highs.
  • German 10yr is above 1.35%, with next upside target at 1.380%, the 76.4% retrace of the 2013/2020 fall.
  • This would equate to 148.50 in futures.
  • German 2yr is trending at highest level since October 2011, while German 5yr trades at highest level since 2013.
  • Next upside target in 5yr Yield is at the 2013 peak and highest print since December 2011.
  • Reference 123.80, 1.123% would equate to 123.56 today.
  • Peripheral spreads are all wider today, with Greece in the lead, by 9.5bps.
  • Although Gilt is down 45 ticks at the time of typing, the contract outperforms Europe, and the Gilt Bund spread sits 3.1bps tighter so far on the session.
  • Looking ahead, ALL EYES are on the ECB tomorrow.
  • Sep Bund futures (RX) down 98 ticks at 148.83 (L: 148.71 / H: 149.6)
  • Germany: The 2-Yr yield is up 4.2bps at 0.711%, 5-Yr is up 5.9bps at 1.088%, 10-Yr is up 6.4bps at 1.357%, and 30-Yr is up 5.9bps at 1.585%.
  • Sep Gilt futures (G) down 43 ticks at 114.71 (L: 114.46 / H: 115.02)
  • UK: The 2-Yr yield is up 2.6bps at 1.773%, 5-Yr is up 3.6bps at 1.88%, 10-Yr is up 3.4bps at 2.248%, and 30-Yr is up 4.1bps at 2.466%.
  • Sep BTP futures (IK) down 120 ticks at 122.05 (L: 121.96 / H: 122.93)
  • Sep OAT futures (OA) down 95 ticks at 139.22 (L: 139.12 / H: 139.94)
  • Italian BTP spread up 4bps at 204.2bps
  • Spanish bond spread up 2.2bps at 113.8bps
  • Portuguese PGB spread up 0.8bps at 116.3bps
  • Greek bond spread up 10.2bps at 262.5bps
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