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New multi year highs in German and Italian Yields

BONDS
  • All the action remains in EGBs and Bund, with markets making another attempt at multi year highs in Yields this afternoon, all led by the shorter end.
  • BTP still leads Europe lower, but the 5y and 2y part of Germany is keeping pressure into Bund.
  • Italian 10yr Yield is highest since October 2018.
  • Schatz 2yr Yield has breached 0.6%, while the 5yr Bobl test next yield resistance at 0.972% (31/12/13 high), which equates to 125.72, so far printed a 125.75 low (at the time of typing).
  • High volumes are still driven by investors rolling position into September.
  • Peripherals are mostly wider, with Italy 3.6bps wider and eyeing next resistance at 205.10bps, now at 204.2.
  • The only exception, is the Greece, which sits 3.3bps tighter.
  • Looking ahead, ECB de Cos and Fed Mester are still set to speak.
  • Bund futures are down -0.78 today at 150.23 with 10y Bund yields up 4.7bp at 1.231% and Schatz yields up 5.9bp at 0.606%.
  • BTP futures are down -0.89 today at 125.73 with 10y yields up 7.3bp at 3.273% and 2y yields up 6.8bp at 1.138%.
  • OAT futures are down -0.76 today at 142.85 with 10y yields up 4.7bp at 1.750% and 2y yields up 5.3bp at 0.440%.
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