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EGBs-GILTS: Sharply Lower As Steepening Continues

BOND SUMMARY

A very weak start Tuesday for Bunds and Gilts is seeing a continuation of Monday's cash curve steepening, with Bunds notably testing support in the 171.76-171.80 area.

  • Periphery spreads little changed.
  • Data earlier showed UK 2020/21 overall borrowing revised lower for the 2nd straight month.
  • In supply, Netherlands sells E2bln of DSL, while books are open on Spain 10-Yr syndication.
  • A few ECB speakers of note: ECB's Rehn (1015BST), Lane (1500BST) and Schnabel (1830BST), with attention on US Fed speakers (incl Powell) later, and of course BoE decision Thursday.

Latest levels:

  • Sep Bund futures (RX) down 38 ticks at 171.78 (L: 171.76 / H: 172.18)
  • Sep Gilt futures (G) down 28 ticks at 127.34 (L: 127.32 / H: 127.58)
  • Sep BTP futures (IK) down 28 ticks at 150.45 (L: 150.39 / H: 150.67)
  • Italy / German 10-Yr spread 0.2bps wider at 104.9bps
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