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EGBs-GILTS: Reversing Post-Lagarde Gains

BOND SUMMARY

Bunds have given Monday's gains post-Lagarde comments on "closely monitoring" rising bond yields; despite equities slipping. Bear steepening in Germany and in the UK as well, counter to Monday's moves.

  • Periphery spreads tighter but bouncing off session lows.
  • UK jobs data showed better than expected earnings numbers; Italy Dec industrial orders at 0900GMT and final Eurozone Jan CPI at 1000GMT.
  • In supply, UK sells GBP2bn of Oct-50 Gilt; Netherlands sells up to E2.5bn of Jan-40 Green DSL, and Italy sells up to E2.5bn of CTZ.

Latest levels:

  • Mar Bund futures (RX) down 46 ticks at 174.26 (L: 174.19 / H: 174.65)
  • Mar Gilt futures (G) down 37 ticks at 129.84 (L: 129.78 / H: 130)
  • Mar BTP futures (IK) down 20 ticks at 151.54 (L: 151.46 / H: 151.83)
  • Italy / German 10-Yr spread 0.8bps tighter at 92.8bps
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