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EGB/Gilts - Under pressure

BONDS
  • Another decent session volumes wise for EGBs.
  • Bund has extended lower to test the 171.00 figure, printed a 170.98 low.
  • Targets remains at the -0.246% yield level which equate to the 170.50
  • We keep our eyes on couple of spread, he BTP/Bund spread trending below the 100bps (tighter) level and the Gilt/Bund which targets the March high at 113.4868, also the widest level since 11th November 2019.
  • But decent selling clips in BTP translated in a wider BTP/Bund spread, moving back above 101bps, after investors were seen fading moves below 100bps this morning.
  • Gilts are outperforming somewhat fading some the Gilt/Bund spread widening, and the spread sits 1.8bp tighter at the time of typing.
  • Looking ahead, we have Quadruple Witching in Equities, BoE Bailey speaks on IMF Panel, and US Michigan is the only notable data.
  • Dec Bund futures (RX) down 33 ticks at 171.1 (L: 170.98 / H: 171.32)
  • Dec Gilt futures (G) down 8 ticks at 127.3 (L: 127.15 / H: 127.34)
  • Dec BTP futures (IK) down 48 ticks at 153.59 (L: 153.41 / H: 154)
  • Dec OAT futures (OA) down 34 ticks at 167.51 (L: 167.36 / H: 167.74
  • )Italian BTP spread up 1.7bps at 101.3bps
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