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EGBs-GILTS: 10Y BTP Spreads Set To Test July Lows

BOND SUMMARY

Early Bund gains faded quickly as equities ramped higher in early London trade, with Gilts also under a bit of pressure. No clear catalyst for equity jump; some pointing to shorts bailing out.

Periphery EGB spreads tightening too, with Italy 10-Yr looking to test the July low of 142.1bps to Bunds.

UK labour market data out earlier showed the jobless rate remaining unch in Jun vs expectations of an uptick; reflective of rising inactivity, as employment is weakening, with average weekly hours falling to a record low. Main remaining data point of the day is German ZEW at 1000BST.

No EGB supply today; UK sells GBP3.25bln of 0.625% Jun-25 Gilt and GBP1.25bln of 1.75% Jul-57 Gilt.

** Latest levels:

  • Sep Bund futures (RX) down 7 ticks at 177.43 (L: 177.28 / H: 177.5)
  • Sep Gilt futures (G) down 15 ticks at 137.97 (L: 137.91 / H: 138.13)
  • Sep BTP futures (IK) up 19 ticks at 148.13 (L: 147.84 / H: 148.16)
  • Italy / German 10-Yr spread 1.5bps tighter at 143.1bps
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