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EGBs-GILTS: Weak Start For Core FI Ahead Of Brussels Meeting

BOND SUMMARY
  • A choppy but ultimately directionless start for Bunds Wednesday after a weak overnight open, with Gilts lower and periphery spreads tighter. Equities hitting highs and EUR and GBP stronger.
  • Most focus on this evening's potentially crucial trade talks between the EU's von der Leyen and UK's Johnson, with markets also eyeing Thursday's ECB decision.
  • In supply, UK sells GBP2.5bn of Jul-35 Gilt and GBP0.25bn of Aug-48 linker (the latter via tender), with Germany selling E3bn of Schatz.
  • No key data the rest of the day, and no speakers (ECB tomorrow of course).

Latest levels:

  • Mar Bund futures (RX) down 25 ticks at 178.03 (L: 178 / H: 178.14)
  • Mar Gilt futures (G) down 22 ticks at 134.57 (L: 134.54 / H: 134.76)
  • Mar BTP futures (IK) up 3 ticks at 151.65 (L: 151.48 / H: 151.72)
  • Italy / German 10-Yr spread 1.8bps tighter at 117.9bps
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