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Reversed the bear steepening

EGB SUMMARY

A mix session for EGBs, with little new in terms of Brexit news.

  • German curve was bear steepening this morning, but we have since reversed the move with no new progress in Brexit talks, ahead of the Sunday deadline, with just 2 weeks left of the Transition period left.
  • Peripheral spreads are still trading wider versus the German 10yr.
  • Greece leads at 6.5bps.
  • Looking ahead, Brexit and US stimulus are at the forefront
  • Latest levels:
  • Mar Bund futures (RX) steady at at 177.69 (L: 177.28 / H: 177.85)
  • Germany: The 2-Yr yield is down 0.1bps at -0.726%, 5-Yr is down 0.2bps at -0.748%, 10-Yr is down 0.5bps at -0.575%, and 30-Yr is down 1bps at -0.165%.
  • Mar Gilt futures (G) up 39 ticks at 135.02 (L: 134.53 / H: 135.08)
  • UK: The 2-Yr yield is down 4.4bps at -0.095%, 5-Yr is down 4.7bps at -0.053%, 10-Yr is down 5bps at 0.237%, and 30-Yr is down 5.7bps at 0.79%.
  • Mar BTP futures (IK) down 26 ticks at 151.82 (L: 151.47 / H: 152.18)Italy / German 10-Yr spread 2.3bps wider at 113.3bps
  • Mar OAT futures (OA) up 2 ticks at 167.78 (L: 167.36 / H: 167.91)
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