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EGBs-GILTS: Picking Up Where We Left Off

BOND SUMMARY

Bunds and Gilts have picked up where they left off Monday - on the front foot, along with weaker equities/weaker dollar. BTPs however have not resumed compression vs Bunds, with spreads steady/wider on the morning (10-Yr still within 140bps of Bunds though).

  • No real newsflow driving and a calendar devoid of impactful events (ECB's de Guindos speaking at 0900BST the only scheduled item of note).
  • Have seen some healthier EGB options volumes this morning as well vs recent sessions, largely in Sep Bund/Schatz contracts expiring this week - potentially some rolling and/or profit taking.
  • Supply picks up today, with GBP5.5bln of Jan-23 and Oct-50 Gilt at auction, and Germany selling Nov-27 bund for E4bln.

** Latest levels:

  • Sep Bund futures (RX) up 27 ticks at 176.48 (L: 176.14 / H: 176.51)
  • Sep Gilt futures (G) up 19 ticks at 137.22 (L: 137.13 / H: 137.27)
  • Sep BTP futures (IK) up 3 ticks at 147.86 (L: 147.48 / H: 147.9)
  • Italy / German 10-Yr spread 1bps wider at 139.1bps
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