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EGBs/GILTS: Bull Flattening As ECB Hawks/Doves Spar

BOND SUMMARY

The entire European FI space has performed well Monday, with bull flattening seen in both the German and UK curves.

  • With little in the way of data and supply (apart from a Belgian OLO sale), attention was on central bank speakers - in particular ECB taper talk.
  • Today, Weidmann and Holzmann (hawks) made the case for winding down PEPP in earlier than the doves (including Panetta).
  • Meanwhile, ECB weekly net PEPP purchases hit the highest in a year.
  • EU mandated banks for dual-tranche 5-/30-YR.

Latest levels:

  • Sep Bund futures (RX) up 41 ticks at 172.18 (L: 171.71 / H: 172.2)
  • Sep Gilt futures (G) up 35 ticks at 127.9 (L: 127.5 / H: 127.9)
  • Sep BTP futures (IK) up 47 ticks at 150.58 (L: 150.01 / H: 150.6)
  • Italy / German 10-Yr spread 1.1bps tighter at 106.7bps
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