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EGB/Gilts - Off their highs, after some big rallies

BONDS
  • Some decent spike higher today, with some continuation this afternoon, after a very busy morning session.
  • Bund has traded in over 100 tick range, but we are off the highs at the time of typing.
  • Volumes were higher this morning then what we are seeing this afternoon. Peripherals are still mixed, Italy 13bp tighter, while Portugal is 1.1bp wider
  • .Big moves were also seen in Gilt, and the 30yr yield was down 17bps at one point.
  • The move and the outperformance has helped the Gilt/Bund to tighten further after we tested multi year high this month.
  • The spread is now tightest since end of September.
  • Attention turns to the US GDP tomorrow
  • Gilt futures are up 0.98 today at 125.42 with 10y yields down -10.3bp at 1.004% and 2y yields down -5.9bp at 0.560%.
  • Bund futures are up 0.55 today at 169.24 with 10y Bund yields down -4.1bp at -0.160% and Schatz yields up 1.1bp at -0.655%.
  • BTP futures are up 0.54 today at 151.54 with 10y yields down -5.2bp at 0.943% and 2y yields up 0.3bp at -0.216%.
  • OAT futures are up 0.53 today at 165.54 with 10y yields down -4.0bp at 0.184% and 2y yields unch at -0.665%.
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