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Peripherals benefits the most, with a steady ECB.

EGB SUMMARY

A fairly busier session for EGBs, with all peripherals trading tighter, after the ECB stays steady regarding stimulus.

  • Italy and Greece leads (tighter) by circa 2.6bps against the German 10yr, while Bund remains capped, after the US CPI beat.
  • ECB was more upbeat, but don't want to make any decisions until vaccine progress and Covid restrictions are being lifted, for clearer outlook.
  • They have upgraded their inflation for June to 1.9%vs 1.5% in March, and GDP Projections to 4.6% vs 4% in March..
  • Looking ahead sees the US $24bn 30yr re-opening
  • Bund futures are down -0.09 today at 172.47 with 10y Bund yields up 0.1bp at -0.244% and Schatz yields down -0.1bp at -0.683%
  • BTP futures are up 0.25 today at 151.60 with 10y yields down -2.4bp at 0.804% and 2y yields down -0.4bp at -0.391%.
  • OAT futures are down -0.12 today at 159.01 with 10y yields up 0.4bp at 0.125% and 2y yields up 0.4bp at -0.655%.
  • BTP/Bund spreads is at 104.8bps
  • Greek.Bund at 103.7bps
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