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EGBs-GILTS CASH CLOSE: Yields Move Lower Alongside Oil Prices

BONDS

EGBs rallied strongly across the board throughout Wednesday's session.

  • A sharp drop in oil prices overnight, triggered in part on global growth concerns, helped drag on yields (and equities) early.
  • Though stocks rallied in the afternoon, the oil bounce alongside was relatively tame and core FI held gains.
  • Gilts outperformed Bunds (despite May UK inflation slightly above expectations); the UK curve bull steepened with Germany bull flattening.
  • BTP spreads opened wider but narrowed over the course of the day. GGBs underperformed.
  • Attention turns to PMI data Thursday.

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

  • Germany: The 2-Yr yield is down 9.3bps at 1.062%, 5-Yr is down 13.1bps at 1.421%, 10-Yr is down 13.3bps at 1.638%, and 30-Yr is down 14bps at 1.835%.
  • UK: The 2-Yr yield is down 17.2bps at 2.144%, 5-Yr is down 17.4bps at 2.166%, 10-Yr is down 15.5bps at 2.499%, and 30-Yr is down 14bps at 2.731%.
  • Italian BTP spread down 4.3bps at 188.4bps / Greek up 9bps at 226.4bps
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