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EGBs-GILTS: Core FI Pares Losses As PEPP Questions Linger

BOND SUMMARY

Curves are steeper but futures are off the session's weakest levels, with some decent price action so far in Friday's European session.

  • Earlier sell-off in Bunds in tandem w US Tsys and likely further unwind from immediate post-ECB decision rally, with overnight news pointing to no expansion in PEPP (as opposed to the faster up front purchase pace signalled Thursday).
  • But core FI rebounding sharply as equities weaken.
  • Periphery spreads a little tighter.
  • UK GDP came in stronger than expected, on Services. DMO released qtly gilt auction calendar, few surprises (see 0745GMT bullet).

Latest levels:

  • Jun Bund futures (RX) down 15 ticks at 171.49 (L: 171.17 / H: 171.65)
  • Jun Gilt futures (G) down 35 ticks at 128.18 (L: 127.91 / H: 128.2)
  • Jun BTP futures (IK) down 10 ticks at 149.82 (L: 149.55 / H: 149.86
  • )Italy / German 10-Yr spread 0.4bps tighter at 93.1bps
BulletMarketsFixed Income Bullets
BulletMarketsFixed Income Bullets

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