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Gilt lead EGBs and Treasuries lower

BONDS
  • Gilt continues to lead the way lower, and gaining some traction in the past 30 minutes.
  • No new news, just flow related, and a continuation since the UK data beat, which is also helping the Pound.
  • Bund, OAT, and Tnotes are drifting through session low.
  • Given the underperformance in UK futures, the Gilt/Bund spread widens by 4.2bps, highest since the 26th January.
  • Resistance in the spread is at 109.76bps.
  • Bund and front 2 Euribor (ERH3 and ERM3), are also sold in 5k respectively, following ECB: " I Could See Rates Being Higher Than 3.5%, ECB's Makhlouf Says -- WSJ"

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