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Strong upside performance in Core Bonds

EGB SUMMARY
  • A busy one way upside price action in core EGBs.
  • Bund has kept, on the bid tone throughout the day, with less volatility in Indices, safer haven have been favoured.
  • Bund still eye the two month low yield support at -0.565% (15/05 low), which equates to 177.98 in Bunds, and the contract managed to print a 177.91 high at the time of typing.
  • Similar price action was seen in other core like OAT, Gilts and on the other side of the Atlantic, US Treasuries.-
  • Despite better interest of Bund buying versus selling BTP, via a large block trade, the BTP/Bund spread remains tighter by 2bps at 150.07
  • -Block trade saw a buyer of 3378 RXU0 at 177.74, against selling 4587 IKU0 at 147.47.
  • -In general peripheral have kept pace with Bund, with Spain and Portugal 1.8bps tighter versus the German 10yr.
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