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EU, UK and US Govies trade heavy

BONDS
  • A mixed trading starts for EGB's and Bund, but futures are nonetheless in the red, and are trading in wide ranges (90 ticks for Bund).
  • Volumes have been very low, with most investors on the sideline, ahead of a packed week for speakers, with the ECB Forum on the 27th/29th, German CPI on Wednesday, and the week ends with the EU CPI on Friday.
  • Instead, investors and market participants will be on the lookout, for change in stance from Central Bankers, following a poor set of data last week.
  • Peripherals are mixed, Greece is 8.4bps tighter, while Italy sits 2.5bps wider vs the German 10yr.
  • Gilt trades inline with most of Europe and Germany, translating in a small 0.5bp wider Gilt/Bund spread.
  • Similar story for US Treasuries. super light volumes, with just 170k lots traded overnight, and during the European morning session.
  • Looking ahead, US Durable Goods, and ECB Lagarde are notable events.
  • Sep Bund futures (RX) down 81 ticks at 147.13 (L: 146.92 / H: 147.82)
  • Germany: The 2-Yr yield is up 3.9bps at 0.852%, 5-Yr is up 3.9bps at 1.202%, 10-Yr is up 4.4bps at 1.486%, and 30-Yr is up 3.3bps at 1.724%.
  • Sep Gilt futures (G) down 47 ticks at 113.5 (L: 113.35 / H: 113.84)
  • UK: The 2-Yr yield is up 4.6bps at 1.978%, 5-Yr is up 4.5bps at 1.999%, 10-Yr is up 4.9bps at 2.351%, and 30-Yr is up 5.9bps at 2.606%.
  • Sep BTP futures (IK) down 82 ticks at 120.99 (L: 120.86 / H: 121.51)
  • Sep OAT futures (OA) down 76 ticks at 137.58 (L: 137.46 / H: 138.38)
  • Italian BTP spread down 1.3bps at 200.8bps
  • Spanish bond spread up 0.9bps at 112.1bps
  • Portuguese PGB spread up 1bps at 109bps
  • Greek bond spread down 6.9bps at 226.9bps
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