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EGBs-GILTS: A Little Higher

BOND SUMMARY

A risk-off morning (equities globally in the red) has seen Bunds and Gilts trade higher in the European morning so far, with BTP spreads finally widening after relentless tightening.

Attention in the UK is on Chancellor Sunak's announcement at midday, we also get ECB econ bulletin and TLTRO-III allotment results, with BoE's Bailey and ECB's Lane appearing.

German IFO a little softer than expected; Norges Bank and SNB decisions largely in line with expectations.

In Supply, we get zero-coupon and linker sales from Italy (up to E4.5B), and the UK selling nominals and linkers (up to GBP4.2B).

** Latest levels:

  • Dec Bund futures (RX) up 31 ticks at 174.52 (L: 174.29 / H: 174.6)
  • Dec Gilt futures (G) up 23 ticks at 136.25 (L: 136.2 / H: 136.3)
  • Dec BTP futures (IK) down 24 ticks at 147.57 (L: 147.42 / H: 148.03)
  • Italy / German 10-Yr spread 4bps wider at 139.6bps
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