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EGB SUMMARY: EGBs have taken a leg lower following relatively hawkish comments
from ECB President Mario Draghi during his European Parliament testimony.
- Having lacked direction for most of the session, German bunds have sold off
over the last hour and a half. The 2-year benchmark trades at -0.5198%% up from
a morning low of -0.543% while the 10-year trades at 0.4995% up from low of
0.450%. The curve has steepened with the 2s10s spread widening to 101.0bps from
- The French OAT curve has similarly steepened on the back of the longer end
underperforming. The 2s10s spread has traded up to 116.5bps from 113.9bps.
- Italian BTP yields have drifted higher throughout the day. The benchmark
2-year BTP trades at 0.865% up from 0.7495% and the 10-year trades at 2.944% up
from 2.831%. The curve has been relatively flat for much of the day.
- Yields at the longer end of the Spanish curve have had a decent leg up, with
the 10-year trading at 1.5195% up from 1.485%.
- The Euribor futures strip has steepened. Whites are down 0.5-1.5 ticks, blues
down 4.0-4.5 ticks.