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EGB SUMMARY: EGBs have generally drifted higher early Thursday in the return
from Wednesday holidays, with periphery spreads narrowing.
- Bunds have come off early lows, grinding higher most of Thursday morning.
- Final April PMI data cross the Eurozone was solid (with the exception of
Germany), with Italy, Spain, and France numbers boosting risk appetite though
reaction has been limited overall.
- Semi-core performing well; France/Germany 10-Yr spread down 0.4bps, with
decent auction results earlier on 10-/15-/20-yr OATs (10-Yr 3.1x covered vs 2.1x
- The spread of 10-Yr Italian BTPs vs Bunds is down 2bps at 252.1bps; Greece
2.8bps tighter, Spain in 1.6bps, Portugal down 1.2bps.
- Euribor strip almost completely flat, some Blues/Golds up 0.5-1.0 ticks.
- Latest futures prices:
* Jun Bund futures (RX) up 4 ticks at 165.35 (L: 164.97 / H: 165.36)
* Jun BTP futures (IK) up 39 ticks at 130.85 (L: 130.16 / H: 130.89)
* Jun OAT futures (OA) up 7 ticks at 162.07 (L: 161.64 / H: 162.10)