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EGB/Gilts - Gilt/Bund spread widest since March

BONDS
  • Another decent session for EGBs and Bund.
  • Contract were under pressure throughout the afternoon session, and dipped lower with Treasuries after the US Retail Sales beat.
  • Peripheral spread have been mixed, Italy is 0.8bp tighter, while Greece is 1.8bp wider.
  • Gilts saw another push wider for Gilt/Bund spread, now wider by 3.3bps.
  • We now target the March peak at 113.6518, now at 111.465.
  • The latter is also the widest level seen since October 2019.
  • Dec Bund futures (RX) down 25 ticks at 171.32 (L: 171.1 / H: 171.52)
  • Germany: The 2-Yr yield is up 0.3bps at -0.698%, 5-Yr is up 0.5bps at -0.619%, 10-Yr is up 0.6bps at -0.3%, and 30-Yr is up 0.7bps at 0.199%.
  • Dec Gilt futures (G) down 53 ticks at 127.3 (L: 127.15 / H: 127.68)
  • UK: The 2-Yr yield is up 1.2bps at 0.275%, 5-Yr is up 3.2bps at 0.485%, 10-Yr is up 3.7bps at 0.815%, and 30-Yr is up 3.9bps at 1.116%.
  • Dec BTP futures (IK) down 9 ticks at 153.96 (L: 153.75 / H: 154.13)
  • Dec OAT futures (OA) down 20 ticks at 167.75 (L: 167.48 / H: 167.9)
  • Italian BTP spread down 0.9bps at 99.9bps
  • Spanish bond spread down 0.3bps at 64.7bps
  • Portuguese PGB spread up 0.3bps at 55.6bps
  • Greek bond spread down 1bps at 110.3bps
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