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EGBs-GILTS: Another Weak Start

BONDS

Bund and Gilt futures have weakened at the London open for the 2nd consecutive session Wednesday, with bear steepening in the curves.

  • Gilt Sept future briefly tested Monday's 129.93 low; key downside/upside levels are 129.23 support and 130.44 resistance.
  • Moderate pickup in risk appetite early, with equities a little higher and periphery spreads tighter (Italy and Greece are the outperformers).
  • The calendar includes German IFO data (0900BST, some attention on any potential Delta Covid impact) and an appearance by ECB's de Guindos (0930BST).
  • However no supply, with Portugal not taking up its auction date.

Latest levels:

  • Sep Bund futures (RX) down 12 ticks at 176.71 (L: 176.66 / H: 176.86)
  • Sep Gilt futures (G) down 14 ticks at 129.97 (L: 129.94 / H: 130.11)
  • Sep BTP futures (IK) down 2 ticks at 154.96 (L: 154.85 / H: 155.05)
  • Italy / German 10-Yr spread 0.7bps tighter at 104.1bps
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