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US Treasury futures underperform Europe

BONDS
  • A fairly subdued start for the week, with the US cash Govies closed for US President day holiday.
  • Futures market are open, but will close at 18.00GMT.
  • EGBs and Bund trade in tight ranges, with below average volumes.
  • Peripheral spread are all tighter, besides Greece, that sits 3bps wider against the German 10yr.
  • Gilt future outperforms Germany, and in turn the Gilt/Bund spread trades 2.7bps tighter, but well within last week's range.
  • US Treasuries futures underperform EGBs in early trade, and Tnotes trade in a 5.5 ticks range (111.25/112.00+, low/high).
  • Looking ahead, the only data release for today will be the EU Consumer Confidence, but most desk will be looking at tomorrow, and Global Services PMIs.
  • Mar Bund futures (RX) up 13 ticks at 135.02 (L: 134.91 / H: 135.27).
  • Germany: The 2-Yr yield is up 0.4bps at 2.881%, 5-Yr is up 1.2bps at 2.52%, 10-Yr is up 1.1bps at 2.451%, and 30-Yr is up 0.9bps at 2.404%.
  • Mar Gilt futures (G) up 43 ticks at 103.02 (L: 102.67 / H: 103.1)
  • UK: The 2-Yr yield is down 1.7bps at 3.777%, 5-Yr is down 2.9bps at 3.404%, 10-Yr is down 2.8bps at 3.487%, and 30-Yr is down 2.2bps at 3.914%.
  • Mar BTP futures (IK) up 23 ticks at 114.33 (L: 114.16 / H: 114.56)
  • Italy / German 10-Yr spread 2.8bps tighter at 183.2bps
  • Mar OAT futures (OA) up 16 ticks at 129.88 (L: 129.77 / H: 130.05)
  • US 2-Yr yield is unchanged at 4.6169%, 5-Yr is unchanged at 4.0291%, 10-Yr is unchanged at 3.8148%, and 30-Yr is unchanged at 3.8693%.
  • Mar 10-Yr futures (TY) down 6.5/32 at 111-25.5 (L: 111-25 / H: 112-00.5)
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