Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

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Bonds CFD product details

Download all margin for bonds CFDs here:

Bonds CFD Margin Tiers (Retail) (959KB)
Bonds CFD Margin Tiers (Professional) (743KB)


  

Futures

Contract and dealing hoursValue of one contractContract spread [2]GuaranteedRetail margin requirement
(local time)(per index point)stop premium [1](per contract) [8]
German Bobl€ 102320%
Frankfurt
08.01-22.00
German Bund€ 102520%
Frankfurt
08.01-22.00
German Buxl€ 102320%
Frankfurt
08.01-22.00
German Schatz€ 101420%
Frankfurt
08.01-22.00
OAT French Government Bond€ 104420%
Frankfurt
08.00-19.00
Long-term BTP Italian Government Bond€ 104N/A20%
Frankfurt
08.00-19.00
Japanese Government BondJPY10,0008420%
Tokyo
08.45-11.00
12.30-15.00
15.30-18.10
19.30-03.00
Long-term Gilt£102320%
London
08.00-18.00
Short-term Gilt (2-year)£1023no longer offered
London
08.00-18.00
Ultra Treasury Bond (Decimalised)$1048no longer offered
Chicago
18.30-17.00
Treasury Bond (Decimalised)$104820%
Chicago
18.30-17.00
2-yr T-Note (Decimalised)$102820%
Chicago
18.30-17.00
5-yr T-Note (Decimalised)$102820%
Chicago
18.30-17.00
10-yr T-Note (Decimalised)$104820%
Chicago
18.30-17.00


  

Spot

Bonds information table


 
Bonds information table



ContractValue of one contract (per index point)Contract spread [2]Guaranteed stop premium[1]Retail margin requirement (per contract) [8]
German Bund€ 101.5520%
US Dollar Basket$1051020%
 


  

Expiry details

Market nameContract monthsLast trading day (3)
German BOBLMar, Jun, Sep, DecThird business day before the 10th of the month
German BundMar, Jun, Sep, DecThird business day before the 10th of the month
German BUXLMar, Jun, Sep, DecThird business day before the 10th of the month
German SchatzMar, Jun, Sep, DecThird business day before the 10th of the month
OAT French Government BondMar, Jun, Sep, DecThird business day before the 10th of the month
Long-term BTP Italian Government BondMar, Jun, Sep, DecThird business day before the 10th of the month
Japanese Government BondMar, Jun, Sep, DecUsually the 6th Tokyo bus. day prior to 20th calendar day of month at 15.00 JST
Long-term GiltMar, Jun, Sep, DecThird last trading day of previous month
Short-term GiltMar, Jun, Sep, DecThird last trading day of previous month
(2-year)
Ultra Treasury Bond (Decimalised)Mar, Jun, Sep, DecThird last business day of previous month
Treasury Bond (Decimalised)Mar, Jun, Sep, DecThird last business day of previous month
2-yr T-Note (Decimalised)Mar, Jun, Sep, DecThird last business day of previous month
5-yr T-Note (Decimalised)Mar, Jun, Sep, DecThird last business day of previous month
10-yr T-Note (Decimalised)Mar, Jun, Sep, DecThird last business day of previous month


  

Notes


All the instruments described on this site are Contracts for Difference (CFDs). Our bonds give you exposure to changes in the value of bond prices but they are cash settled and cannot result in the delivery of any commodity or instrument.

1. For guaranteed stop trades a guaranteed stop premium is charged if your guaranteed stop is triggered. The potential premium is displayed on the deal ticket, and can form part of your margin when you attach the stop. Please note that premiums are subject to change, especially going into weekends and during volatile market conditions.

2. a)CFDs on bond futures are quoted with reference to the equivalent expiry contract on the underlying futures market. We do not apply any weighting or biases to our pricing sources.

b) Spreads are subject to variation, especially in volatile market conditions. Our dealing spreads may change to reflect the available liquidity during different times of day. Our normal spread is shown in the table.

c) Dealing spreads may be offered as a fixed or variable amount. If variable spreads are in use, then the spread shown in this table is the amount of IG spread added to the underlying futures market spread. Any variable dealing spreads are marked with an asterisk (*).

d) We will not charge any additional commission unless we notify you in writing.

3. Unless expressly agreed otherwise with IG, positions will be rolled over to a later date by default. For most positions, a client can, before the position has been automatically closed, ask for the position not be rolled over to a later date. Rolling over a position involves closing the old position and opening a new one. We normally attempt to contact a client shortly before a position is due to expire and offer the client the opportunity to roll the position over. However, we cannot undertake to do this in every case and it remains the client's responsibility to communicate their roll preferences for any position(s) before it expires.

Where a client has agreed with IG to expire a position, it will do so on or after the last dealing day on the basis set out below plus or minus half our spread:

  • T-Bond and T-Note based on the official closing price of the Treasury Bond futures contract on CBOT converted into decimal form and then rounded to the nearest 1/100th of a point.
  • Bund, Bobl Buxl, Schatz, OAT French Government Bond and Long-term BTP Italian Government Bond at the final settlement price of the relevant futures contract as determined by Eurex at 17.15 (Central European Time) on the last dealing day.
  • Short-term Gilt (2-year) based on the final settlement price of the LIFFE Short Gilt Future on the third last business day of the previous month.
  • Long Gilt based on the official closing price of the LIFFE Long Gilt future on the third last business day of the previous month.
  • Japanese Government Bond at the final settlement price of the 10-year mini JGB futures as reported by SGX on the last trading day.

4. The quotation for Decimalised Treasury Bonds is presented in hundredths of a full Treasury Bond point. Contracts will be settled to the nearest 1/100th of a point, as calculated from the relevant settlement provided by CBOT, converted into decimal form.

5. When you trade in a currency other than your base currency your profit or loss will be realised in that currency and will be booked to your account in that currency. As a default, we will automatically, and on a daily basis, convert any positive or negative balance on your account in a currency other than your base currency to your base currency. You may change this default at any time by calling us or via our trading platform.

6. Margin requirements represent a percentage of the overall position value, and can vary depending on which account type you hold. If two values are listed, the first value applies to Trader Accounts and the second to Select Accounts. You can find the applicable tiered margins from the 'Get Info' dropdown section within each market in the trading platform. Please note that higher margins may be required for large positions. See our margins page for more details.

7. Overnight funding for bonds is based on the market cost of carry including an admin fee of 3% per annum.

Please note that open positions held through 10pm (UK time) on Fridays will be adjusted for three days’ worth of funding to cover the weekend. The formula used for calculating the overnight funding adjustment on these markets consists of three steps:

Step 1

Basis (the daily movement along the futures curve)
(P3 – P2) ÷ (T2 – T1)

T1 = expiry date of the previous front future
T2 = expiry date of the front future
P2 = price of front future
P3 = price of next future

Step 2

IG charge
Price x 3% ÷ 360/365
(365-day divisor used for the FTSE 100 and other GBP, SGD and ZAR denominated markets. 360-day divisor used for all other markets.)

Step 3

Adjustment
Bet size x (basis + IG charge)

8. Please note that tiered margining applies; this means that higher margins may be required for large positions. Margin requirements represent a percentage of the overall position value, and can vary depending on which account type you hold. You can find the applicable tiered margins from the Get Info dropdown section within each market in the trading platform. See our tiered margining page for more details.





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