EGB/Gilt - UK/Germany widest since 2016

EGBs and Bund have ticked lower this afternoon, dragged by Treasuries, and that's despite some large Month end extensions for EGB and Gilt

• Some have possibly been done already, as EGBs were mostly underpinned earlier.
• It is possible that we see bid re-emerging around 16.15BST/11.15ET.
• For now Bunds have once again tested the -0.18% level, printing a -0.178% high.
• Most notable move today, was on the Gilt/Bund spread trading through that 2019 peak, and widening as much as 4bps at one point, now by 3bps, at 123.3bps.
• The spread is now at widest levels since 2016, and next resistance is at the 22/06/2016 high at 127.7791
• Dec Bund futures (RX) down 53 ticks at 169.62 (L: 169.56 / H: 170.19)
• Germany: The 2-Yr yield is up 0.7bps at -0.681%, 5-Yr is up 1.8bps at -0.54%, 10-Yr is up 3.1bps at -0.182%, and 30-Yr is up 3.9bps at 0.29%.
• Dec Gilt futures (G) down 69 ticks at 124.97 (L: 124.83 / H: 125.55)
• UK: The 2-Yr yield is up 3.1bps at 0.436%, 5-Yr is up 3.8bps at 0.663%, 10-Yr is up 6.2bps at 1.053%, and 30-Yr is up 7.3bps at 1.408%.
• Dec BTP futures (IK) down 60 ticks at 151.85 (L: 151.84 / H: 152.57)
• Dec OAT futures (OA) down 51 ticks at 165.78 (L: 165.73 / H: 166.38)
• Italian BTP spread up 0.9bps at 104.6bps
• Spanish bond spread down 0.1bps at 65bps
• Portuguese PGB spread down 0.6bps at 55bps
• Greek bond spread down 1bps at 106bps