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EGB/Gilt: UK Mini Budget reversal leads Yields lower

BONDS
  • EGBs and Bund were led higher today, with UK markets leading the way higher in futures.
  • UK hand break turn on the mini Budget has led UK Yields to the downside, but futures are off their highs at the time of typing.
  • Peripheral spreads are mixed, Italy is 2.2bps tighter, while Greece trades 8.6bps wider.
  • The largest move has of course been in the Gilt/Bund spread, tighter by 26.7bps at the time of typing, and testing the 170.00bps handle.
  • Looking ahead, Jeremy Hunt speak at the House of Commons at 15.30BST.
  • Other speakers, include ECB Lane and Nagel.
  • Dec Bund futures (RX) up 119 ticks at 137.27 (L: 136.12 / H: 137.65)
  • Germany: The 2-Yr yield is down 1.1bps at 1.945%, 5-Yr is down 6.4bps at 2.05%, 10-Yr is down 10.2bps at 2.244%, and 30-Yr is down 11.4bps at 2.285%.
  • Dec Gilt futures (G) up 379 ticks at 97.51 (L: 94.82 / H: 98.06)
  • UK: The 2-Yr yield is down 36bps at 3.556%, 5-Yr is down 39.8bps at 3.92%, 10-Yr is down 37.7bps at 3.958%, and 30-Yr is down 45.3bps at 4.331%.
  • Dec BTP futures (IK) up 118 ticks at 110.96 (L: 110.19 / H: 111.32)
  • Dec OAT futures (OA) up 127 ticks at 131.02 (L: 129.82 / H: 131.33)
  • Italian BTP spread down 2.1bps at 242.3bps
  • Spanish bond spread down 0.9bps at 116.2bps
  • Portuguese PGB spread down 1.3bps at 107.3bps
  • Greek bond spread up 9.5bps at 269.6bps
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