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EGBs-GILTS: Solid Start As Equities Fade

BOND SUMMARY

Bunds and Gilts are higher to begin Friday, with equities giving back Thursday's gains. On the other hand, BTP spreads have come in 3+bps (10-Yr) vs Thursday's wides, so it is not a simple case of risk-off.

Italy sentiment numbers at 0900BST the remaining data highlight of the week; ECB's de Cos speaks at 0945BST (Villeroy earlier spoke on potentially changing the ECB's inflation goal).

No EGB/Gilt supply today; German and Italian issuance plans out earlier. ** Latest levels:

  • Dec Bund futures (RX) down 8 ticks at 174.36 (L: 174.16 / H: 174.4)
  • Dec Gilt futures (G) up 2 ticks at 136.23 (L: 136.12 / H: 136.3)
  • Dec BTP futures (IK) up 1 ticks at 147.64 (L: 147.46 / H: 147.71)
  • Italy / German 10-Yr spread 1.6bps tighter at 137.9bps
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