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EGB/GILT SUMMARY

BOND SUMMARY

EGBs have remains steady this afternoon, with spread once again dominating the volume traded.

  • Desk take advantage of the lack of risk events and especially ahead of the awaited US NFP on Friday.
  • German 5/30s trades flatter, but well within the past few days ranges.
  • Peripheral have traded in line for Core and as such trade close to flat on the session.
  • Greek 10yr yield are now trading back below UK 10yr yield, with Gilts outperforming today.
  • Gilts test yesterday's high, but initial target is seen towards Friday's high at 127.37.
  • Risk of a 3rd wave in the UK keeps the contract underpinned, with fear that the country could reopen fully too quickly.
  • Looking ahead, ECB, BIS and IMF speakers at a climate change conference, Fed Evans, Bostic, Kaplan (Racism forum).
  • Fed Harker (non voter, hawk) discusses Economy, while Lagarde speaks at prize ceremony.
  • Federal reserve release Beige book

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