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Month End keeps core underpinned

EGB SUMMARY

EGBs remains range bound and better supported this afternoon with large Month End extensions.

  • Most of the action was in US Treasuries this afternoon, post the strong PMI beat and followed on by Fed Kaplan: "Should start talking about Tapering soon".
  • Note, he's a non voter, Hawk, so not too surprising.
  • Treasuries sold off, but more limited impact in EGB, with core trading in positive territory
  • Peripherals are wider, with Portugal at 1.9bp
  • Looking ahead, after market Fitch rating on Germany and DBRS on Italy
  • Jun Bund futures (RX) up 20 ticks at 170.08 (L: 169.77 / H: 170.19)
  • Germany: The 2-Yr yield is down 0.7bps at -0.685%, 5-Yr is down 1.5bps at -0.577%, 10-Yr is down 1.2bps at -0.205%, and 30-Yr is down 1.3bps at 0.347%.
  • Jun BTP futures (IK) up 15 ticks at 147.14 (L: 146.98 / H: 147.3)
  • Jun OAT futures (OA) up 1 ticks at 160.53 (L: 160.39 / H: 160.73)
  • Italian BTP spread up 0.7bps at 111.3bps
  • Spanish bond spread up 1.3bps at 68.1bps
  • Portuguese PGB spread up 1.7bps at 68.7bps
  • Greek bond spread up 2.1bps at 120bps
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