June 23, 2022 14:25 GMT
- An incredibly busy day for EGBs and Bund (and Global Bonds), with the moves all triggered following the European PMIs miss this morning.
- Bonds have seen upside continuation through the day, and extended even higher, following US PMIs also missing estimates.
- Yields collapsed across the board, as recessions fears takes hold.
- German 5yr Yield saw the largest 1 day fall since 1998.
- Bund 10yr tested the 1.40% yield support.
- Buxl trades close to a 700 ticks range, Bund nearly 400 ticks, and Bobl a whooping near 200 ticks.
- Even Rate contract (Euribor), sees circa 40 ticks ranges.
- All the developed countries spreads are wider against the German 10yr.
- In peripherals Greece is in the lead by 11.3bps.
- Looking ahead, ECB Nagel and Villeroy are yet to speak, while Powell is testifying before the house (has already started).
- Sep Bund futures (RX) up 284 ticks at 148.12 (L: 144.81 / H: 148.45)
- Germany: The 2-Yr yield is down 26.8bps at 0.794%, 5-Yr is down 28.6bps at 1.135%, 10-Yr is down 22.6bps at 1.412%, and 30-Yr is down 16.3bps at 1.672%.
- Sep Gilt futures (G) up 158 ticks at 113.95 (L: 111.93 / H: 114.12)
- UK: The 2-Yr yield is down 21.2bps at 1.932%, 5-Yr is down 21.2bps at 1.954%, 10-Yr is down 19.2bps at 2.307%, and 30-Yr is down 16.5bps at 2.566%.
- Sep BTP futures (IK) up 176 ticks at 122.52 (L: 120.05 / H: 122.7)
- Sep OAT futures (OA) up 245 ticks at 138.34 (L: 135.52 / H: 138.63)
- Italian BTP spread up 2.9bps at 193.6bps
- Spanish bond spread up 1.2bps at 109.1bps
- Portuguese PGB spread up 4.3bps at 108.1bps
- Greek bond spread up 12.7bps at 236.2bps