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EGB/Gilts - Have extended lower this afternoon

BONDS
  • A busier session for Bund and EGBs, with the German contract retracing the whole of last Friday's rally
  • Stronger PMIs this morning set the tone, and contracts are in the red this afternoon.
  • Peripheral are all wider, Italy in the lead by 2bps at127.4bps.
  • Gilts have seen rolling positions into March the dominant factor and what drove the much higher volumes.
  • Over half of the front month volumes is spread related.
  • Gilts roll pace is now running at 30%
  • Looking ahead, ECB Makhlouf and Guindos are still scheduled to speak
  • Gilt futures are down -0.46 today at 125.83 with 10y yields up 4.4bp at 0.976% and 2y yields up 4.1bp at 0.562%.
  • Bund futures are down -1.00 today at 170.77 with 10y Bund yields up 7.1bp at -0.232% and Schatz yields up 0.5bp at -0.746%.
  • BTP futures are down -1.44 today at 150.51 with 10y yields up 9.3bp at 1.048% and 2y yields up 5.9bp at -0.235%.
  • OAT futures are down -1.23 today at 166.65 with 10y yields up 7.5bp at 0.125% and 2y yields down -0.2bp at -0.803%.
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