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EGB/Gilts- Leaning steeper in early trading

BONDS

EGBs are trading a touch in the red this morning, with curves flat/steeper on the margin.

  • Bund is back towards flat on the session.
  • German 2s/10s lean steeper, after we printed the flattest level since 15th February on the open.
  • Support comes at 27.448, the 61.8% retracement of the Jan/May steepening bias (printed 27.974 low), now at 29.046.
  • Peripherals are tighter, with Greece leading by 1.9bp.
  • Gilts are mostly trading in line with EGBs, albeit better bid and up 6 ticks at the time of typing.
  • UK 5/30s has traded in a limited range as investors sits on the sideline ahead of the BoE (Thursday), but more importantly the US NFP Friday.
  • Range in the curve is 71.113/73.001, and short of yesterday's high at 73.685.
  • Looking ahead, we have very little in terms of data, US Durable goods is Final, so more focus on Factory orders on the balance.
  • Gilt futures are up 0.06 today at 130.10 with 10y yields up 1.6bp at 0.536% and 2y yields up 2.1bp at 0.048%.
  • Bund futures are down -0.02 today at 176.80 with 10y Bund yields up 1.5bp at -0.473% and Schatz yields up 0.9bp at -0.770%.
  • BTP futures are down -0.05 today at 154.79 with 10y yields up 1.1bp at 0.581% and 2y yields up 0.2bp at -0.483%.
  • OAT futures are down -0.07 today at 162.33 with 10y yields up 1.4bp at -0.124% and 2y yields up 1.2bp at -0.709%.
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