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EGBs/Gilts - Going bid into the weekend

BOND SUMMARY

EGBs going bid heading into the weekend.

  • Bund is near next area of interest.
  • Next support in 10yr yield is at -0.359%, which reference 174.79 would equate to 175.04.
  • In terms of technical, next resistance is seen at 175.08 1.00 proj of the May 19 - Jun 11 - Jun 22 price swing.
  • German curve once again sits bull flatter, but just short the July printed low, now at 76.19 vs 75.74 July low.
  • Peripheral are tighter, but just by a touch, with Greece leading at 0.7bp.
  • Gilts have outperformed today, paring some of the big sell off yesterday post Saunders.UK 2s/10s is flattening, but short of the July low.
  • Looking ahead, after market ratings:
  • Fitch on the EFSF (current rating: AA), the ESM (current rating: AAA; Outlook Stable) & Greece (current rating: BB; Outlook Stable)
  • Moody's on Finland (current rating: Aa1; Outlook Stable)
  • S&P on Russia (current rating: BBB-; Outlook Stable)
  • DBRS Morningstar on Ireland (current rating: A (high), Stable Trend) & the Netherlands (current rating: AAA, Stable Trend)
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