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Largest 1 day drop since December for Italy 10yr yield

BONDS
  • EGBs and Bund are consolidating some of the post FOMC sell-offs, but Bund still trade in red territory.
  • The standout for today's session has been the BTP, with the largest single day drop in 10yr yield since 17th December.
  • Investors likely favoured looking for yield after the Italian 10yr printed highest yield since 18/06/20.
  • This translated in a tighter BTP/Bund spread, after the spread traded at widest levels since Sep 2020.
  • Gilt are trading in line with Germany, which is shown by a flat Gilt/Bund spread.
  • Looking ahead, very short term, focus will turn to Month End, tomorrow late in the day and into Monday.
  • Gilt futures are down -0.16 today at 122.73 with 10y yields up 2.1bp at 1.217% and 2y yields up 3.5bp at 0.946%.
  • Bund futures are down -0.17 today at 170.18 with 10y Bund yields up 1.8bp at -0.58% and Schatz yields up 2.6bp at -0.625%.
  • BTP futures are up 0.64 today at 145.86 with 10y yields down -4.2bp at 1.284% and 2y yields down -2.0bp at -0.109%.
  • OAT futures are down -0.02 today at 162.06 with 10y yields up 1.1bp at 0.347% and 2y yields down -1.4bp at -0.664%.
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