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CHINA PBOC CONDUCTS CNY258 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1307 WEDS VS 7.1325

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MNI: US MBA: MARKET COMPOSITE -10.1% SA THRU AUG 16 WK

MNI: UK JUL PSNCR GBP19.23 BN

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EGB/Gilts - BTP catches up with Bund

BONDS
  • Bund, Gilt, are at session high, initially led by Germany, as desk defend the 0% 10yr yield and following a Dovish Lagarde earlier.
  • Move in Bund, push the Tnotes/Bund 2.3bps tighter and Gilt/Bund so far just 0.4bp.
  • Italy has since caught up and is up 49 ticks vs 32 ticks in Bund.
  • BTP/Bund is 1.7bps wider.
  • With investors and traders pricing a more punchy, aggressive Rate hike outlook for the UK.
  • The Gilt/Bund spread still trade at widest levels since October.
  • Further widening would target the October high at 130.763, which was the widest level since May 2016.
  • Mar Bund futures (RX) up 33 ticks at 169.71 (L: 169.21 / H: 169.8)
  • Germany: The 2-Yr yield is down 0.5bps at -0.575%, 5-Yr is up 4bps at -0.301%, 10-Yr is down 1.4bps at -0.026%, and 30-Yr is down 2bps at 0.273%.
  • Mar Gilt futures (G) up 27 ticks at 122.55 (L: 122.24 / H: 122.67)
  • UK: The 2-Yr yield is down 0.2bps at 0.906%, 5-Yr is down 0.5bps at 1.052%, 10-Yr is down 2bps at 1.236%, and 30-Yr is down 2.2bps at 1.35%.
  • Mar BTP futures (IK) up 50 ticks at 145.55 (L: 144.93 / H: 145.61)
  • Mar OAT futures (OA) up 36 ticks at 161.82 (L: 161.27 / H: 161.89)
  • Italian BTP spread down 1.7bps at 133.4bps
  • Spanish bond spread down 0.5bps at 69.2bps
  • Portuguese PGB spread down 0.7bps at 61.7bps
  • Greek bond spread down 0.1bps at 174.2bps
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