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EGBs-GILTS: UK Steepening Resumes

BOND SUMMARY
  • Bunds and Gilts are off early lows with equities retreating, with the UK curve notably continuing to steepen (albeit modestly compared with Thursday's post-BoE move). Periphery spreads are a little wider with the exception of Greece.
  • The last notable European data release of the week was earlier as UK Aug retail sales beat expectations (retail sales are now 4% above Feb levels). Italy industrial orders at 0900UK may get a look-in but it's July data.
  • ECB speakers today include de Cos and de Guindos (both 1015UK) and Schnabel (1500UK). Only issuance is UK bills.

** Latest levels:

  • Dec Bund futures (RX) down 15 ticks at 174.11 (L: 173.93 / H: 174.16)
  • Dec Gilt futures (G) down 10 ticks at 136.51 (L: 136.36 / H: 136.52)
  • Dec BTP futures (IK) down 27 ticks at 146.47 (L: 146.39 / H: 146.68)
  • Dec OAT futures (OA) down 18 ticks at 168.25 (L: 168.12 / H: 168.35)
  • Italy / German 10-Yr spread 1.1bps wider at 145.6bps
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