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Italian spreads are tightening amid a...>

EGB SUMMARY
EGB SUMMARY: Italian spreads are tightening amid a broader EGB periphery rally,
despite Bund yields hitting fresh multi-year lows Wednesday morning.
- Jun Bund futures (RX) up 16 ticks at 167.96, hitting a new contract high at
168.04 as global stocks weakened. Equities off lows but EuroStoxx still off 1.4%
on the day (and looking very weak technically).
- Bund 2Y10Y and 2Y30Y spreads down 2.6bps each in a broad curve flattening,
with 10-Yr and 30-Yr yields hitting lowest levels since 2016.
- Solid Bobl auction this morning as well.
- Strong Italian May confidence data helped BTP/German 10-Yr spread move 5.3bps
tighter at 279.1bps, though still well off last week's close of 266bps.
- Spain, Portugal and Greece 10Ys all 3-4bps tighter to Bunds.
- ECB's Rehn commented this morning at a Reuters event that the first rise in
ECB rates is now further away than it was a few months ago.
- Euribor already reflects this outlook but futures today are fairly flat; up
0.5-1.0 ticks across the strip, with some mild bull flattening.
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