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EGBs-GILTS: Curves Mixed, Speakers Eyed

BOND SUMMARY

Curves are mixed with futures fairly flat early Wednesday, following a subdued overnight session (ahead of Chinese New Year holidays). ECB/BoE speakers eyed later in the session.

  • A move off the lows in Bunds and Gilts after a sharp drop in equities, but no specific driver to the latter move.
  • Speakers: ECB's de Cos (0930GMT), Lagarde and Visco (1300GMT, separately), BoE's Bailey (1700GMT) and Tenreyro (1800GMT) as well. Supply comes from UK (Oct-41 Gilt) and Germany (Bobl).
  • In data, French Dec IP was on the weak side of expectations; otherwise it's just final CPI figures.
  • Riksbank held as expected.

Latest levels:

  • Mar Bund futures (RX) down 2 ticks at 176.19 (L: 176.06 / H: 176.2)
  • Mar Gilt futures (G) down 11 ticks at 132.43 (L: 132.36 / H: 132.48)
  • Mar BTP futures (IK) down 8 ticks at 152.69 (L: 152.62 / H: 152.76)
  • Italy / German 10-Yr spread 0.3bps tighter at 95.6bps
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