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EGBs-GILTS CASH CLOSE: ECB Comes To Periphery Rescue...For Now

BONDS

News of an unscheduled ECB meeting to "discuss market conditions" saw periphery EGB spreads fall sharply Wednesday.

  • Although the post-meeting announcement was short on details of measures to prevent eurozone fragmentation, spreads maintained most of their narrowing by the close: BTP spreads dropped ~25bp while GGBs down ~35bp on the day.
  • Gilts modestly outperformed Bunds; both curves bull steepened, as the short end rallied on a retracement of central bank hike expectation.
  • That of course comes just before the Federal Reserve decision, and Thursday's BoE.

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

  • Germany: The 2-Yr yield is down 14.6bps at 1.085%, 5-Yr is down 13.4bps at 1.439%, 10-Yr is down 11.4bps at 1.644%, and 30-Yr is down 5.5bps at 1.803%.
  • UK: The 2-Yr yield is down 14.6bps at 1.964%, 5-Yr is down 16.7bps at 2.063%, 10-Yr is down 11.8bps at 2.468%, and 30-Yr is down 8.3bps at 2.643%.
  • Italian BTP spread down 24.9bps at 217.2bps / Greek down 35.4bps at 259.6bps
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