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EGB/Gilt - UK 30yr Yield highest since May 2016

BONDS
  • Spanish CPI and German CPI beats during the morning European hours, set the tone for EGBs and Bund.
  • Futures are lower, in turn pushing yield higher, with the 10yr Bund back above 1%.
  • Peripherals are mixed, Greece is 5.3bps tighter, while Italy sits 2.7bps wider.
  • Gilt has outperformed and the Gilt/Bund spread trades 2.6bps tighter.
  • Most notable move for the UK has been the longer end, with 30yr Yield testing highest level since May 2016.
  • Looking ahead, Fed Waller, ECB Nagel are the scheduled speakers left for the session.
  • Most of the attention is already turning to the French, Italian and EC CPI releases tomorrow.
  • Gilt futures are down -0.58 today at 117.82 with 10y yields up 7.6bp at 1.992% and 2y yields up 5.2bp at 1.470%.
  • Bund futures are down -1.26 today at 152.48 with 10y Bund yields up 9.6bp at 1.056% and Schatz yields up 10.6bp at 0.444%.
  • BTP futures are down -1.21 today at 128.12 with 10y yields up 12.0bp at 3.016% and 2y yields up 10.8bp at 0.934%.
  • OAT futures are down -1.20 today at 144.94 with 10y yields up 9.7bp at 1.574% and 2y yields up 8.5bp at 0.297%.
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