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EGB/GILTS SUMMARY - Curve steepening going into the weekend

BONDS

Main price action flow for EGBs and other Global bonds have been to unwind most of the week flattening bias.

  • US, UK and Germany 5/30s are moving higher, likely catching flattening position.
  • Desk unwind going into the weekend.
  • German 5/30s now trade above the week high.
  • BTP still under performing against its peers, pushing the BTP/Bund spread 3bps wider, and the spread now trades at widest levels since 8th June.
  • The weakness in BTP has also helped the Bund lower.
  • Support for the Futures contract comes at 150.11 Low Low Jun 8 and key near-term support
  • Gilts are taking their cue from EGBs and similar price action and in particular, curve play, with UK bear steepening.
  • UK 5/30s is just short of the week high at 90.569, now at 90.00.
  • Looking ahead, we still have Fed Mester, Rosengren and Williams set to speak.
  • No sovereign rating for today
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