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EGB/GILTS SUMMARY

BOND SUMMARY

Much better buying of core Bond this afternoon as safe haven remains favoured.

  • Curves are bull flatter, but still short of yesterday's low.
  • Bund tested yesterday's high but lacking clear traction.
  • Peripherals are trading mixed, with Portugal 1bp wider, while Greece sits 1.3bp tighter.
  • Gilt have traded inline with EGB and in positive territory, following MHRA's decision on Astra and younger people.
  • Looking ahead, ,Fed Bullard and Kashkari on Economy.
  • Fed Powell is in an IMF panel, as well as Riksbank Ingves and Breman.
  • Jun Bund futures (RX) up 38 ticks at 172.05 (L: 171.63 / H: 172.12)
  • Germany: The 2-Yr yield is down 1bps at -0.713%, 5-Yr is down 1.3bps at -0.67%, 10-Yr is down 1.9bps at -0.343%, and 30-Yr is down 1.8bps at 0.213%.
  • Jun Gilt futures (G) up 39 ticks at 128.59 (L: 128.12 / H: 128.66)
  • UK: The 2-Yr yield is down 1.8bps at 0.046%, 5-Yr is down 1.7bps at 0.341%, 10-Yr is down 2.6bps at 0.747%, and 30-Yr is down 2.9bps at 1.286%.
  • Jun BTP futures (IK) up 39 ticks at 149.38 (L: 148.97 / H: 149.47)
  • Jun OAT futures (OA) up 31 ticks at 162.51 (L: 162.16 / H: 162.6)
  • Italian BTP spread down 1.4bps at 100.3bps
  • Spanish bond spread up 0.7bps at 67.3bps
  • Portuguese PGB spread up 0.9bps at 57bps
  • Greek bond spread down 1.2bps at 117.1bps

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