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EGB/Gilts - Some widening in the spread

BONDS
  • A more subdued session for EGBs and the Bund, as investors await the FOMC and presser.
  • Bund is flat on the day, but was mostly better offered this afternoon, after Equities continued to consolidate some of this week's fall.
  • BTP/Bund spread now targets the September low (Tightest) at 98.51, which is also the tightest level since April.
  • The move was led by better buying of Italian Bonds, after Italy announced that they would be skipping their debt sales via Banks in early fall.
  • Gilts have mostly traded in line with Bund, with the spread just 0.2bp wider today, but we are through the September high.
  • Next target in Gilt Bund is still eyed at the March peak 113.6518, also the widest level since October 2019.
  • Looking ahead, all the attention turns to the Fed.
  • But as noted in our preview: "None of the 30 sell-side analysts whose previews MNI read expect the Fed to make a formal taper announcement at the September meeting."
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