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Gilts moves today larger than 2-day moves in USTs / Bunds

BONDS
  • Gilts are the biggest movers this morning with the moves in 10-year gilt yields this morning larger than the 2-day moves seen in both 10-year UST and Bunds. Gilt yields are just under 10bp higher on the day while in 2-day moves 10-year Bund yields are up 9.1bp and 10-year UST yields are up 8.2bp. However, today we have actually seen Bunds move higher and lead Treasuries higher too: 10-year Bund yields are down 3.4bp on the day and 10-year UST yields down 1.3bp.
  • Over 2 days curves are substantially different, however. The gilt curve is marginally flatter with 2-year gilt yields in excess of 10bp higher while 2-year UST yields are 5.5bp higher over 2-days (unch today) and Schatz yields are 2.2bp higher over 2-days (down 2.9bp today).
  • There have been no real headline drivers behind today's moves - it seems to be just a pullback from the lows seen yesterday.
  • Later today we will see a Greek 26-week bill auction, US 17-week bill auction, US 2-year FRN auction and US 5-year Note auction.
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