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EGB/Gilt - Some consolidation

BONDS
  • EGBs and Bund have continued to consolidate.
  • Continued unwind in Govies, has not been too surprising after Bund fell for the past 8 sessions and German Yields recorded new multi year high overnight.
  • Small resistance in Bund moved down to 149.78, which has so far held, did print a 149.82 high.
  • Above the latter, opens to 150.07.
  • Italy has been leading Europe higher, a continuation, following the FT piece yesterday:
  • "The bulk of the 25 governing council members are expected to support a proposal to create a new bond-buying program if needed to counter borrowing costs for member states, such as Italy."
  • Prop desk and Local have squared and short covered, and investors have likely favoured some receivers, parking cash into yields.
  • Gilt has mainly traded inline with Bund, albeit, a small 1bp tighter in the Gilt/Bund spread.
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