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EGB/Gilt - US CPI tomorrow

BONDS
  • EGBs and Bund have moved lower, with Bund finding support just short of Friday's low at 155.72, printed 155.77 low.
  • Bund has bounce off the lows and trading around 156.00 at the time of typing.
  • Volumes are once again way below averages, as Investors and market participants wait for the event of the week and the US CPI tomorrow.
  • Peripheral spreads are wider, Greece leads by 8.1bps.
  • Gilt is also in the red, but outperforms Germany, bringing the Gilt/Bund spread 2.2bps tighter.
  • Looking ahead, notable data, Norway CPI, German CPI final, Czech CPI, US CPI, Russia CPI (wed), US PPI (thu), Swedish CPI, UK GDP, French and Spain final CPIs, US prelim Michigan (fri).
  • Sep Bund futures (RX) down 75 ticks at 155.96 (L: 155.77 / H: 157.05)
  • Germany: The 2-Yr yield is up 15.8bps at 0.61%, 5-Yr is up 5.1bps at 0.72%, 10-Yr is up 5.1bps at 0.95%, and 30-Yr is up 6bps at 1.178%.
  • Sep Gilt futures (G) down 32 ticks at 117.26 (L: 117.11 / H: 117.81)
  • UK: The 2-Yr yield is up 0.2bps at 1.9%, 5-Yr is up 3.4bps at 1.815%, 10-Yr is up 3.1bps at 1.983%, and 30-Yr is up 1.9bps at 2.371%.
  • Sep BTP futures (IK) down 84 ticks at 127 (L: 126.96 / H: 128.35)
  • Sep OAT futures (OA) down 73 ticks at 144.96 (L: 144.81 / H: 146.08)
  • Italian BTP spread up 1.5bps at 216bps
  • Spanish bond spread up 1.4bps at 111.4bps
  • Portuguese PGB spread up 0.5bps at 102.5bps
  • Greek bond spread up 9.1bps at 227.3bps
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