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EGBs moving lower

EGBS
  • Bund futures have fallen around 30 ticks over the past 15 minutes or so but there appear to be no headline drivers. The move started before the slightly disappointing Spanish manufacturing PMI print. We would put the move down to probably being more notable due to a lack of liquidity.
  • Bund futures are now trading around 153.28, but still well above the 153.05/00 support level.
  • EGB spreads are a little mixed today. Generally they are wider (e.g. BTP-Bund 10-year spread 3.2bp wider on the day) but Greek, Latvian and Lithuainian spreads are all a bit narrower.
  • BTP futures continued their downward trend and have broken through the psychological 130.00 round number support this morning to move to new cycle lows with 10-year BTP yields surpassing 2019 highs. BTP futures down around 60 ticks at writing at 129.75.
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