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Peripheral spreads narrow though the Bund-leg

  • Immediate move in Bunds on the Lavrov comments at 12:38GMT. Futures moves from 165.98 to 165.58 in less than three minutes (10-year yield up 2.1bp from 0.218% to 0.239%).
  • BTP futures saw an immediate fall, too, from 139.20 to 138.96 but quickly recovered to their prevailing levels within 10 minutes and are now challenging their post-open highs of the day at 139.32.
  • This means that spreads effectively narrowed, but only through the Bund-leg moving.

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