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Green bonds to be issued by Italy and Germany

BONDS
  • Gilts again garnering a great deal of attention in core FI despite some subdued moves this morning. Gilt futures hit their lowest levels in just over a week shortly after the open despite some marginally softer than expected CPI data released pre-market. However, they have since recovered and have been trending gradually higher in line with Bunds and Treasuries.
  • There has been some curve flattening across core FI but, nothing really huge (particularly in light of the moves seen in recent sessions). The Eurodollar strip is largely unch on the day, the Euribor strip unch to 0.5 ticks higher and the short sterling strip is continuing to see some consolidation in the Whites and Reds in particular with the Jun22 and Sep22 leading the way, moving 4.5 ticks higher on the day.
  • There is some decent green issuance in the Eurozone today with a E5bln WNG tap of the 25-year Green BTP and a E3.0bln reopening of the 10-year Green Bund. We also have a 10-year gilt auction and a 20-year UST auction today.
  • The data calendar is pretty light today with most scheduled ECB speakers due to speak on regulation and the only Fed speaker due to speak on the economy is Quarles. The Beige Book is due for release later.
  • TY1 futures are up 0-0+ today at 130-18+ with 10y UST yields down -0.1bp at 1.638% and 2y yields down -0.7bp at 0.390%.
  • Bund futures are up 0.11 today at 168.65 with 10y Bund yields down -1.3bp at -0.120% and Schatz yields down -1.5bp at -0.672%.
  • Gilt futures are up 0.07 today at 124.08 with 10y yields down -1.8bp at 1.149% and 2y yields down -2.0bp at 0.705%.
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