Two-Way BoE-Driven Flow Results In Little Net Change

Plenty of post-BoE gyrations, with Bund and BTP futures ultimately settling a little above pre-decision levels, albeit off BoE-reaction highs after the initial show lower was more than reversed. The major cash benchmarks on the German curve sit 3bp cheaper to 1bp richer, with twist flattening in play, while futures print -35, 60 ticks off lows after Monday’s session base remained untested. Greece remains the outperformer, tightening by a little over 4bp vs. 10-Year Bunds as expectations re: the local political backdrop remain at the fore, while the rest of the major peripheral spreads are tighter at the 10-Year point.