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EGBs-GILTS: Giving Up Some Early Bull Flattening

BOND SUMMARY

Bunds and Gilts are on the front foot early Thurs with bull flattening in both curves, though have given up some flattening with stock futures coming off session lows and periphery spreads remaining contained. Supply and futures rolls (which are more than 50% complete) eyed.

  • Spain sells up to E7bn of nominal bonds/linkers, while France sells up to E11bn of LT OAT.
  • UK sells GBP2.75bn of Jul-31 Gilt. Note the BoE's medium-term APF purchases will take place this afternoon (normally they're on Weds but were moved for the budget).
  • ECB's Knot/Centeno on a panel now; mostly talking about cautious optimism on the economic outlook toward end-year, otherwise the schedule centres around Fed's Powell in the afternoon.
  • EU Retail Sales/Unemp is the data highlight (1000GMT).

Latest levels:

  • Germany: The 2-Yr yield is down 0.9bps at -0.688%, 5-Yr is down 1.8bps at -0.622%, 10-Yr is down 2.6bps at -0.314%, and 30-Yr is down 2.9bps at 0.191%.
  • UK: The 2-Yr yield is down 1.6bps at 0.073%, 5-Yr is down 1.8bps at 0.348%, 10-Yr is down 2.6bps at 0.753%, and 30-Yr is down 2bps at 1.32%.
  • Italy / German 10-Yr spread 0.2bps tighter at 104.1bps
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