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EGB/Gilt - recover from the post NFP sell off

BONDS
  • Another decent range session for Govies, but volumes are just non existent across the board as we head towards the end of the week
  • Bund volume runs below 40% vs normal averages.
  • EGBs and Bund have bounced off their respective lows after the US NFP beat expectations, putting some cold water on recession fears.
  • Peripheral are once again mixed today, Greece is 14.4bps wider, and Italy 3.5bps tighter.
  • Gilt continues to underperform this afternoon, Bund is flat, with the UK Bond down 70 ticks on the session, at the time of typing.
  • Looking ahead, Fed Williams and ECB Villeroy are still scheduled.
  • NOTABLE DATA (for next week): Norway CPI (Mon), German, French, Spanish CPIs (wed) are final readings, US CPI (wed), Sweden CPI (Thur), US PPI (Thur), Chinese GDP (Fri), US prelim Michigan (Fri).Sep Bund futures (RX) down 1 ticks at 150.54 (L: 149.95 / H: 151.17)
  • Germany: The 2-Yr yield is down 5bps at 0.508%, 5-Yr is down 3.8bps at 0.939%, 10-Yr is down 1.8bps at 1.3%, and 30-Yr is up 0.4bps at 1.556%.
  • Sep Gilt futures (G) down 67 ticks at 114.81 (L: 114.35 / H: 115.63)
  • UK: The 2-Yr yield is up 4.1bps at 1.868%, 5-Yr is up 3.9bps at 1.85%, 10-Yr is up 3.9bps at 2.167%, and 30-Yr is up 3.5bps at 2.583%.
  • Sep BTP futures (IK) up 22 ticks at 124.09 (L: 123.53 / H: 124.64)
  • Sep OAT futures (OA) down 2 ticks at 140.04 (L: 139.55 / H: 140.53)
  • Italian BTP spread down 3.8bps at 195.3bpsSpanish bond spread down 1.1bps at 108bps
  • Portuguese PGB spread down 1.5bps at 108bps
  • Greek bond spread up 16.2bps at 238.5bps
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