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EGB/Gilt -Sea of green screens

BONDS
  • EGBs, Bund and Global Govies has continued their rallies this morning and this afternoon.
  • The drive started during the European open as Oil started to fall on recession concerns.
  • WTI fell $7 since 01.00BST, and this afternoon tested the $102.00 figure, but is off the low at the time of typing, $102.74.
  • Risk Off tone, was the tend for most of the day, but Equities have bounce off the lows, as EU desks squared short term shorts.
  • Peripherals are more mixed today against the German 10yr.
  • Greece is 9.6bps wider, while Italy sits 1.7bp tighter.
  • Gilt is also up 182 ticks at 112.60, but lags Bund, keeping the Gilt/Bund spread 3.5bps.Looking ahead, attention will turn to the EU, UK and US Services PMIs tomorrow.
  • Sep Bund futures (RX) up 219 ticks at 145.52 (L: 143.4 / H: 145.72).
  • Germany: The 2-Yr yield is down 11.8bps at 1.037%, 5-Yr is down 15.7bps at 1.395%, 10-Yr is down 17bps at 1.601%, and 30-Yr is down 17.1bps at 1.804%.
  • Sep Gilt futures (G) up 176 ticks at 112.54 (L: 111.33 / H: 112.67)
  • UK: The 2-Yr yield is down 22bps at 2.096%, 5-Yr is down 22bps at 2.12%, 10-Yr is down 20.6bps at 2.448%, and 30-Yr is down 18.8bps at 2.683%.
  • Sep BTP futures (IK) up 212 ticks at 120.94 (L: 118.6 / H: 121.13)
  • Sep OAT futures (OA) up 207 ticks at 136.05 (L: 134.17 / H: 136.21)
  • Italian BTP spread down 4.3bps at 188.4bpsSpanish bond spread down 0.8bps at 107.2bps
  • Portuguese PGB spread down 0.3bps at 104bps
  • Greek bond spread up 9bps at 226.4bps
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