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EGBs-GILTS: Strong Start To The Week

BOND SUMMARY

Bunds and Gilts have pushed sharply higher in early Europe trade as equities have weakened, though futures trading within Friday's ranges.

  • Some mild bull flattening in the German and UK curves, with periphery EGB spreads a touch tighter.
  • A fairly light auction calendar this week (no Gilt / EGB auctions today), but EFSF syndication of 0.00% Jul-26 long 5-yr syndication underway, size expected between E3-4bn.
  • Speakers include ECB's Panetta (0845BST) and de Cos (1500BST), and BoE's Tenreyro (1400BST). Some focus on ECB's weekly purchase announcement (1445BST).
  • A quiet session ahead in terms of data (only EZ Feb retail sales at 1000BSTof any note).

Latest levels:

  • Jun Bund futures (RX) up 41 ticks at 171.78 (L: 171.23 / H: 171.81)
  • Jun Gilt futures (G) up 21 ticks at 128.45 (L: 128.31 / H: 128.46)
  • Jun BTP futures (IK) up 41 ticks at 148.92 (L: 148.52 / H: 148.95)
  • Italy / German 10-Yr spread 0.3bps tighter at 102.7bps
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