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Between USTs and Bunds

GILTS
  • 10-year gilts continue to underperform USTs but now outperform Bunds after the ECB Accounts saw fixed income in the Eurozone move lower. 2-year gilt yields are actually higher on the day, too, but again a lot less than Schatz and in contrast to 2-year UST yields.
  • There is little domestic driving gilts, they are just really trading in between the UST and German curves today.
  • 2y yields up 1.5bp today at 1.467%
  • 5y yields up 2.4bp today at 1.524%
  • 10y yields up 4.0bp today at 1.742%
  • 30y yields up 5.7bp today at 1.875%
  • 2s10s up 2.5bp today at 27.5bp
  • 10s30s up 1.7bp today at 13.3bp

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