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EGB/Gilt - Spreads dominate in Europe

BONDS
  • A more steady session for EGBs and Bund, with investor taking advantage of the last bit of liquidity, ahead of the long UK weekend, to roll position into the September expiry.
  • Over half of the front months volumes are all spread relates, which provided a mixed range session for Govies.
  • Peripheral spreads are all wider, besides Italy.
  • Greece sits 3.9bps wider and Italy sits 1bp tighter against the German 10yr.Gilts has traded in a 50 ticks range and trades mostly inline with Europe.
  • The Gilt/Bund spread is just 0.6bp tighter, at 97bps.
  • Looking ahead, ECB de Cos, Panetta, Lane, BoE Hauser, and Fed Williams, Bullard are still scheduled to speak.
  • - Gilt futures are down 20 at 115.77.
  • Bund futures are down -0.32 today at 151.25 with 10y Bund yields up 2.7bp at 1.147% and Schatz yields up 3.1bp at 0.525%.
  • BTP futures are up 0.20 today at 127.07 with 10y yields up 0.9bp at 3.124% and 2y yields up 2.3bp at 1.015%.
  • OAT futures are down -0.24 today at 143.85 with 10y yields up 2.9bp at 1.665% and 2y yields up 2.1bp at 0.365%.
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