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Tnotes/Bund spread 9.3bps tighter

BONDS
  • Tnotes/Bund spread is now 9.3bps tighter and eyeing next support at 119.09bps, the March low and lowest print since the 1st February, as Govies futures collapse lower.
  • Bund gained 407 ticks yesterday and we have now reversed 332 ticks on the day.
  • Yesterday low is still further out, towards 133.17, and would need another 104 ticks lower to reach last Thursday/Friday's opening gap at 132.13 .
  • Monday's low in TYM3 is at 112.21.

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