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EGBs - A busy start for the week

BONDS
  • It was a busy start for the week, despite the UK on a Monday Bank Holiday, Govies and rate extended lower for most of the early session, but have since recovered from the lows this afternoon.
  • According to Commission President Ursula von der Leyen, the European Union is planning urgent steps to push down soaring power prices, and this has underpinned Govies and benefited the EUR.
  • ECB Lane was more balanced and triggered a knee jerk reaction, initially pushing Govie and rate future lower on ""Our upcoming September monetary policy meeting will be the start of a new phase", but move quickly reversed a few ticks on "smaller hikes less likely to bring adverse effects, makes it also easier to correct course".
  • Peripheral spreads are all tighter, Greece is in the lead by 4.1bps against the German 10yr.Gilts are closed, but we are bound to get an interesting open tomorrow, given that Bund opened with a 51 ticks downside gap overnight.
  • Downside gap is from 149.46 down to 148.95, but Bund did print a 148.99 high.
  • Looking ahead, Data start to kick in from tomorrow, with German regional/National CPI, Spain prelim CPI, US Conf. Board Consumer Confidence.
  • Bund futures are down -1.32 today at 148.64 with 10y Bund yields up 10.0bp at 1.486% and Schatz yields up 11.1bp at 1.079%.
  • BTP futures are down -0.93 today at 120.57 with 10y yields up 8.6bp at 3.777% and 2y yields up 14.3bp at 2.050%.
  • OAT futures are down -1.06 today at 138.44 with 10y yields up 9.3bp at 2.107% and 2y yields up 10.3bp at 0.897%.
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