BONDS: EGB/Gilt - Some downside continuation
May-17 14:23
- Volumes remains subdued for EGBs and Bund, but once again a decent range session.
- This afternoon saw further downside continuation helped by the US IP beat, although the UK employment beat and ECB Knot hawk comment set the tone during the morning European session.
- German 10yr Yield edges back above 1.05%, but the immediate tech small support at 152.39 has so far held at the time of typing, printed a 152.33 low.
- Peripheral spreads are mixed, but some notable moves in the Greek/Bund spread, sitting 7.8bps tighter, while Spain and Portugal are 1.1 and 0.7bp wider.
- Gilt has underperformed with its EU counterpart, but the spread versus the German 10yr has widen by 2.3bps.
- Looking ahead, ECB Lagarde, Fed Powell, Kashkari, Mester and Evans.
- Jun Bund futures (RX) down 145 ticks at 152.58 (L: 152.33 / H: 153.74)
- Germany: The 2-Yr yield is up 24.6bps at 0.382%, 5-Yr is up 12.1bps at 0.727%, 10-Yr is up 10.5bps at 1.042%, and 30-Yr is up 7.9bps at 1.183%.
- Jun Gilt futures (G) down 123 ticks at 119.04 (L: 118.87 / H: 119.78)
- UK: The 2-Yr yield is up 17.5bps at 1.412%, 5-Yr is up 17.4bps at 1.537%, 10-Yr is up 13.2bps at 1.862%, and 30-Yr is up 9.3bps at 2.07%.
- Jun BTP futures (IK) down 124 ticks at 128.48 (L: 128.21 / H: 129.76)
- Jun OAT futures (OA) down 126 ticks at 145.15 (L: 144.9 / H: 146.13)
- Italian BTP spread up 1.7bps at 192.3bpsSpanish bond spread up 0.8bps at 107bps
- Portuguese PGB spread up 0.8bps at 112.5bps
- Greek bond spread down 6.3bps at 253.4bps
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