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EGBs-GILTS: Supply And Sintra Eyed

BOND SUMMARY

Gilts have bull flattened ahead of supply and following BoE Bailey's comments (see 0840GMT bullet). The Bund curve has flattened slightly, with RXZ0 higher but 28 ticks off session highs, while periphery spreads are mixed.

  • Supply this morning consists of Gilts, Bunds, and Irish GBs.
  • UK Prelim Q3 GDP slightly below expectations though broadly in line (little market impact). Not much of note in data the rest of the day (Eurozone IP at 1000GMT).
  • ECB's de Guindos speaks at 0950GMT, with BoE's Cunliffe at 1600GMT and Lagarde, Bailey, and Fed's Powell are on a panel at Sintra at 1645GMT.

Latest levels:

  • Dec Bund futures (RX) up 10 ticks at 174.4 (L: 174.36 / H: 174.64)
  • Dec Gilt futures (G) up 19 ticks at 134.08 (L: 134.04 / H: 134.34)
  • Dec BTP futures (IK) up 11 ticks at 149.86 (L: 149.64 / H: 149.94)
  • Italy / German 10-Yr spread 1.1bps tighter at 123.4bps
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