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EGB/GILTS SUMMARY- UK/Germany spread tightening

BOND SUMMARY
  • A more mixed session for EGBs today and especially in curve play.
  • The German curve, is 2s/10s bull flatter but short of yesterday's low at 45.813, now at the lower part of today's range at 46.949.
  • While 5/30s is leaning bull steeper as we tested through yesterday's high 88.616 and steepest since last Thursday.
  • Peripherals outperform Bund, pushing spread tighter
  • and Italy in the lead by 2.1bps
  • Gilts saw some short covering this afternoon, post BoE, after Haldane dissented for reduction in QE but no one else followed.
  • This was read as Dovish or at least not hawkish.
  • Most interesting price action beside Gilts being up 38 ticks at the time of typing and just off session high, is the tightening against Germany.
  • Gilts/Bund spreads is now at tightest levels since February.
  • And next area of interest will be watch at 90.72bps, the 09/02 low.
  • Looking ahead, Fed Williams, Bullard, Kaplan, Bostic, and ECB Schnabel.
  • Also some attention on the Fed stress test results
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