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EGBs-GILTS: Shooting To Multi-Session Highs

BOND SUMMARY

Bunds and Gilts are shooting higher in early European trade Thursday, pushing periphery spreads wider from early tights.

  • Bund futures have hit best levels since Feb 3; Gilts since Feb 5. Wednesday's bear steepening has largely reversed.
  • As with some moves earlier this week, no discernable trigger for such a large move for core FI, with equities and the USD stronger.
  • No 1st tier data today though we get EC's econ forecasts at 1000GMT.
  • Earlier, ECB's Villeroy spoke on climate criteria for future ECB corporate bond purchases; 1100GMT sees ECB's Knot speaking.
  • In supply, we get up to E9bn in BTPs at Italian auction.

Latest levels:

  • Mar Bund futures (RX) up 43 ticks at 176.53 (L: 176.24 / H: 176.62)
  • Mar Gilt futures (G) up 25 ticks at 132.55 (L: 132.42 / H: 132.67)
  • Mar BTP futures (IK) up 14 ticks at 152.99 (L: 152.83 / H: 153.1)
  • Italy / German 10-Yr spread 1bps wider at 95.1bps
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