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EGBs-GILTS: BTP Spreads Continue To Compress

BOND SUMMARY

BTPs continue to outperform with spreads a bit tighter (albeit well off day's tightest levels), and Gilts and Bunds little changed amid a choppy start to Wednesday's session.

  • Overnight headlines supporting the space include Italy PM Conte winning the Senate confidence vote, and BBG source report that the ECB is capping bond yields "to limit the differences between yields for the strongest and weakest economies in the eurozone".
  • In supply, Germany sells E1.5bn of 2050 Bund. Little data (final EZ CPI).
  • ECB decision tomorrow (our preview just went out), BoE's Bailey speaks at 1700GMT.

Latest levels:

  1. Mar Bund futures (RX) down 3 ticks at 177.37 (L: 177.25 / H: 177.42)
  2. Mar Gilt futures (G) down 4 ticks at 134.41 (L: 134.33 / H: 134.51)
  3. Mar BTP futures (IK) down 11 ticks at 151.63 (L: 151.61 / H: 152.14)
  4. Italy / German 10-Yr spread 0.1bps tighter at 111.3bps
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