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EGB/Gilt - Russia headlines dominate.

BONDS
  • A very choppy session for EGBs and Bund, and Global bonds in general.
  • Market remain hyper sensitive to every single Russia tensions headlines.
  • The markets traded down and up all afternoon, and we are now underpinned.
  • Russia expelled American diplomat Bart Gorman, while U.S. and NATO officials warned of further potential Russian aggression in Ukraine.
  • Bund is up 60 ticks ta the time of typing, and peripheral spreads are all a touch tighter against the German 10yr.
  • Italy is in the lead by 1.9bp.
  • Gilt is trading close to in line with Europe, although has also moved tighter versus the Bund, by 3.5bps for the session.
  • Looking ahead, Fed Bullard and Mester will speak on the Economy and Policy outlook
  • Gilt futures are up 0.66 today at 120.81 with 10y yields down -7.6bp at 1.447% and 2y yields down -9.2bp at 1.309%.
  • Bund futures are up 0.62 today at 165.85 with 10y Bund yields down -4.4bp at 0.230% and Schatz yields down -5.3bp at -0.422%.
  • BTP futures are up 0.72 today at 139.85 with 10y yields down -6.5bp at 1.844% and 2y yields down -4.9bp at 0.153%.
  • OAT futures are up 0.64 today at 157.21 with 10y yields down -4.6bp at 0.702% and 2y yields down -3.7bp at -0.350%.
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