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EGB/Gilt - Yields fall on ECB Ad Hoc meeting

BONDS
  • Another incredibly busy session for EGBs and Bund.
  • Talks pre European Govie open that the ECB will be having an ad hoc meeting set out the tone.
  • Yield fell across the board, as the ECB signaled its readiness to protect weaker nations in the bloc.
  • BTP has traded in a massive >400 ticks range, with the 10yr yield falling to 3.682% at the time of typing, from a 4.077% high this morning.
  • Spread have seen some big tightening, with Greece and Italy leading, now sitting at 34.1bps and 30.1bps tighter respectively against the German 10yr.
  • Gilt is trading mostly in line with Bund, and trades 2.2bps tighter against the Bund.
  • Looking ahead, (pre FOMC) some attention on ECB Lagarde due to speak at 17.20BST/12.20ET.
  • Sep Bund futures (RX) up 16 ticks at 143.75 (L: 142.25 / H: 143.79)
  • Germany: The 2-Yr yield is down 8.2bps at 1.149%, 5-Yr is down 7.5bps at 1.498%, 10-Yr is down 7.7bps at 1.681%, and 30-Yr is down 1.6bps at 1.842%.
  • Sep Gilt futures (G) up 55 ticks at 112.46 (L: 111.88 / H: 112.48)
  • UK: The 2-Yr yield is down 13bps at 1.98%, 5-Yr is down 12.9bps at 2.101%, 10-Yr is down 10.6bps at 2.48%, and 30-Yr is down 6bps at 2.666%.
  • Sep BTP futures (IK) up 227 ticks at 116.88 (L: 114.89 / H: 117.55)
  • Sep OAT futures (OA) up 64 ticks at 134.37 (L: 132.8 / H: 134.49)
  • Italian BTP spread down 21.3bps at 220.8bps
  • Spanish bond spread down 8.1bps at 127.6bps
  • Portuguese PGB spread down 8.7bps at 126.5bps
  • Greek bond spread down 28.5bps at 266.5bps
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