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Retracing Some Post-Cash Close Weakness

EGB SUMMARY
  • Bund futures have made up the majority of the losses seen after the European close cash on Friday afternoon/evening but still remain a little lower on the day.
  • Spreads are mixed with BTP-Bund spreads widening 2.6bp but other spreads moving much less. Many semi-core spreads have narrowed.
  • Looking ahead, the highlight of the week will be the ECB meeting on Thursday.
  • Bund futures are down -0.15 today at 173.78 with 10y Bund yields up 0.6bp at -0.468% and Schatz yields down -0.3bp at -0.708%.
  • BTP futures are down -0.35 today at 144.69 with 10y yields up 3.1bp at 1.046% and 2y yields up 2.7bp at -0.84%.
  • OAT futures are down -0.11 today at 167.39 with 10y yields up 0.6bp at -0.169% and 2y yields up 0.3bp at -0.631%.

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