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Higher on the day, despite moving off the highs in the afternoon

EGBS
  • There have been little in the way of major talking points for EGBs today, but we have still seen an 89 tick range for Bund futures, which breached Friday's intraday high of 131.57 to trade as high as 131.63 before paring some of these gains as North Amercians got their desks, and Bund futures drifted lower with USTs to currently be trading around 131.30 at the time of writing.
  • This range on futures saw 10-year Bund yields at one point 5.6bp below Friday's closing levels, before retracing around half of the early move to see 10-year Bund yields around 2.7bp lower going into the cash close. There has also been a flattening of the German curve with 2s10s around 1.6bp flatter on the day.
  • Spreads across Europe have wideneed a little today - with French spreads only 0.4bp wider, most other semi-cores and peripheral spreads around 0.7-0.9bp wider on the day, with the exception of Spain where spreads are 1.4bp wider on the day at the time of writing.
  • There have been no real major themes driving markets with some mixed-to-slightly positive Eurozone services PMIs this morning having no real market impact.
  • Bund futures are up 0.43 today at 131.32 with 10y Bund yields down -2.7bp at 2.467% and Schatz yields down -1.1bp at 2.909%.
  • BTP futures are up 0.31 today at 118.07 with 10y yields down -1.5bp at 3.794% and 2y yields down -0.3bp at 3.400%.
  • OAT futures are up 0.40 today at 126.54 with 10y yields down -2.2bp at 2.950% and 2y yields down -1.0bp at 2.986%.
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