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EGB/Gilts - Bonds, Rates and Equities extend their fall

BONDS
  • A busy, but lighter session in terms of volumes, as investors and market participants awaited the NFP and AHE release.
  • The data didn't disappoint coming higher than expected.
  • Bond and Rate Futures fell with Equities, and 10yr German Yield broke above 2.20%, although off the high at the time of typing at 2.194%.
  • In peripherals, BTP/Bund spread is wider by 7.5bps, and just short of the September high at 249.7bps, which was also the widest print since April 2020, now trading at 248.6.
  • Fitch and Moody's released notes this week, underlying growth concerns for Italy, on Russia, politics.
  • Gilt is in the red but has held better versus Europe.
  • Gilt/Bund spread has tightened 6bps, but within past ranges.
  • BOE accepted GBP786.3mln offers, rejects GBP239.1mln.
  • BOE: "The yield on the best unallocated offer in today's auction was at a spread of -0.1bps to market-mid yields at the close of the auction.".
  • Looking ahead, attention turn to the US CPI and FOMC minute next week.
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