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Some pick up in volume

BONDS
  • Small pick up in Volumes here, Bund bought in 5k, BTP 1.5k, and TYM4 in 4k.
  • Although Volumes in Bund are decent for this time of the day, they are quite on the much lower side in the US, with just 295k lots traded in TYM4.
  • On both sides of the Pond, Govies are seeing the shorter end futures underperform, Schatz was initially weighted by the decent 2yr Auction on delta hedging needs.
  • For the US, they will sell $69bn of 2yr Notes later today.

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