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EGB/Gilts - A busy start for the week

BONDS
  • Another busy session for EGBs and Bund, as Govies continue to fall.
  • Bund has traded decent volume and in a 95 ticks range 169.73/170.68)
  • The contract has failed to reach the yield target at -0.18%, which equated to 169.56 today, printing a 169.73 low, and we are back above 170 at the time of typing
  • Peripheral spreads are mixed, Italy 1.5bp wider, and Greece 0.3bp.
  • Continued widening of the Gilt/Bund spread now by 2.8bps, vs 0.3bp on the open.
  • As noted during the last few weeks, next resistance is at the 2019 peak and widest level since June 2016 at 121.0123.
  • The spread is now at 117.8.
  • UK 5/30s steepest in 15days, while the 2s/10s is now steepest since the 12th July
  • The Gilt/Bund spread and the curve will be closely watched with ALL EYES on BoE Bailey later today, following the stunning BoE last week.
  • Looking ahead, ECB Visco, Panetta, de Cos, Fed Williams, Brainard, and BoE Bailey
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