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Underpinned during the afternoon session

EGB SUMMARY

Core Govies remain supported this afternoon, after taking their cue from the Risk Off price action.

  • Move in Equities was seen as corrective, rather than any new news impact. German stays bull flatter, but well within April's ranges.
  • In options space, downside structure play continue to dominate ahead of the awaited ECB meeting on Thursday
  • Semi core have under performed somewhat, translating in wider peripheral spreads.
  • Greece and Portugal trades at 1.7bp and 1.3bps wider respectively against the German 10yr
  • Bund futures are up 0.07 today at 170.55 with 10y Bund yields down -0.6bp at -0.241%
  • Schatz yields down -0.5bp at -0.692%
  • BTP futures are down -0.07 today at 147.83 with 10y yields up 0.2bp at 0.792% and 2y yields up 0.1bp at -0.348%.
  • OAT futures are up 0.03 today at 161.23 with 10y yields down -0.5bp at 0.096% and 2y yields up 0.3bp at -0.653%..
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