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EGBs-GILTS: Early Rout In Core FI And Stocks

BOND SUMMARY

Bunds and Gilts are sharply weaker with bear steepening despite a drop in equities, though notably periphery spreads are holding in. So not a straightforward case of either risk on or risk off as Tuesday's session gets underway.

  • Supply includes Netherlands auction of up to E2.5bln of DSL, and Germany syndication of 30-Yr Green Bund. UK sells up to GBP4.5bln of 2026/2061 Gilt.
  • Not much in the way of data (Italy industrial production at 0900BST, German ZEW at 1000BST).
  • BoE's Bailey appears at 1530BST, while ECB's Knot (1630BST) and de Cos (1700BST) may provide further perspectives on PEPP pace decisions in June from the opposite sides of the spectrum.

Latest levels:

  • Jun Bund futures (RX) down 58 ticks at 169.71 (L: 169.62 / H: 170.25)
  • Jun Gilt futures (G) down 38 ticks at 127.9 (L: 127.82 / H: 128.08)
  • Jun BTP futures (IK) down 41 ticks at 146.58 (L: 146.43 / H: 146.87)
  • Italy / German 10-Yr spread 0.1bps wider at 114.1bps
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