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EGBs-GILTS: Modest Bounce In Gilts

BOND SUMMARY

Friday has seen a bit of a recovery in Gilts which are outperforming (vs yesterday's stark underperformance on hawkish commentary from BoE's Saunders).

  • Bund yields continue to edge lower, with 10Y yields nearing the July 8 low of -0.343%. Periphery spreads largely unchanged.
  • Main macro focus surrounds surging COVID cases around Europe; attention beginning to turn to ECB meeting next week. Friday sees no tier-1 data (Eurozone inflation figures are finals), no bond supply, and no scheduled ECB / BoE speakers.
  • US retail sales data in the afternoon looks to be the session's scheduled focus.

Latest levels:

  • Sep Bund futures (RX) up 19 ticks at 174.77 (L: 174.69 / H: 174.86)
  • Sep Gilt futures (G) up 28 ticks at 128.94 (L: 128.85 / H: 129.05)
  • Sep BTP futures (IK) up 20 ticks at 152.98 (L: 152.79 / H: 153.05)
  • Italy / German 10-Yr spread 0.1bps tighter at 105.3bps
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