Rolling spreads dominate the afternoon session

EGBs have continued their session, and have kept within ranges this afternoon.

• Most of the action has been seen in rolling Sep/Dec position, with larger pick up in volumes noted in the shorter end (Bobl and Schatz)
• Bobl and Schatz roll pace are running at 25%, at the time of typing.
• Semi core, BTP has been the outperformer with the contract up 31 ticks, while Bund trades in red territory.
• This has translated in a tighter BTP/Bund spread by 3.6bps at 145.2bps.
• Greece is trading at the other end of the spectrum, and sits 5.8bps wider on the day.
• Looking ahead, we still have a few ECB speakers schedule for the day, with de Cos, Lane and Knot due to speak.
• Bund futures are down -0.10 today at 175.46 with 10y Bund yields up 0.2bp at -0.396% and Schatz yields down -1.3bp at -0.671%.
• BTP futures are up 0.29 today at 146.50 with 10y yields down -3.5bp at 1.057% and 2y yields down -3.0bp at -0.103%.
• OAT futures are down -0.05 today at 167.42 with 10y yields down -0.4bp at -0.101% and 2y yields down -1.1bp at -0.609%.