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EGB/Gilt - Yields stay elevated

BONDS
  • A lighter session in terms of volumes for EGBs and Bund, but yield continues to be underpinned, bid.
  • Italy has been the best performer in yield terms, with the 10yr breaking above 2.35%.
  • In turn BTP was down 117 ticks at the time of typing, and the BTP/Bund spread has widened by 4bps for the session.
  • Greece is the widest versus the German 10yr, by 5.3bps.
  • Gilt has mostly traded inline with its European counterpart, but on the margin the Gilt/Bund spread sit wider today, by 1.5bp.
  • Looking ahead, FOMC minutes is in focus
  • Gilt futures are down -0.40 today at 120.42 with 10y yields up 5.3bp at 1.705% and 2y yields up 1.3bp at 1.461%.
  • Bund futures are down -0.43 today at 157.30 with 10y Bund yields up 3.7bp at 0.648% and Schatz yields down -0.4bp at -0.33%.
  • BTP futures are down -0.85 today at 135.11 with 10y yields up 6.7bp at 2.327% and 2y yields down -0.4bp at 0.413%.
  • OAT futures are down -0.43 today at 148.85 with 10y yields up 4.0bp at 1.190% and 2y yields down -0.9bp at 0.040%.
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