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EGBs-GILTS CASH CLOSE: Gilts Outperform, GGBs Come Back

BONDS

In another generally risk-off session Tuesday, Gilts outperformed Bunds - particularly at the short end in another bull flattening move.

  • Short-end core FI yields jerked to session lows in late afternoon on headlines that Russia had halted gas supplies to Poland.
  • Greece was a standout mover, with spreads reversing from ~16bp wider to Bunds (punctuated by a 5Y syndication announcement) down to just above 4bp by the close.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany:

  • Germany: The 2-Yr yield is up 0.1bps at 0.147%, 5-Yr is down 1.5bps at 0.574%, 10-Yr is down 2.3bps at 0.814%, and 30-Yr is down 3bps at 0.955%.
  • UK: The 2-Yr yield is down 5.2bps at 1.501%, 5-Yr is down 4.8bps at 1.577%, 10-Yr is down 4.4bps at 1.797%, and 30-Yr is down 4.2bps at 1.905%.
  • Italian BTP spread up 0.1bps at 174bps / Greek up 4.3bps at 217.9bps
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