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EGB/Gilts - Bonds and Rates fall back

BONDS
  • A sea of red across screens for Govies, Rates and Equities, as they fully reverse yesterday bids, and some of the last two days rally.
  • German 10yr Yield moves back above 2%, with the latest leg lower in futures helped by the US ISM Services Index beat
  • Bund trades in a 200 ticks range, which seems to be the new norm.
  • The largest move was seen in the BTP, with futures plummeting.
  • BTP trades in a 307 ticks range, after Moody published a report, noting that Financing conditions, elevated inflation, Energy supplies from Russia and the Political environment is weighing on Growth outlook.
  • BTP/Bund spread is 13bps wider and back above 240, now at 242bps.
  • Another day of no take up from the BoE, which had longer yield ticking higher.
  • BOE: No takeup in the long-dated gilt- Offers rejected: GBP413.6mln.
  • Looking ahead, Fed Bostic is still scheduled, but unlikely to hear anything new.
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