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BONDS: EGBs-GILTS CASH CLOSE: Bellies Underperform

BONDS
BulletMarketsFixed Income Bullets

Yields pushed higher across the European space Wednesday, reversing most of the prior session's declines as curve bellies underperformed.

  • In a session that was fairly light in both meaningful headlines and data, intraday movements were largely flow and supply related.
  • Gilts underperformed, with weakness focused in the belly of the UK curve following soft demand at the 7-year auction.
  • There was little reaction in STIR futures to commentary by BoE's Greene that suggested she could back a cut in November.
  • A large apparent block sale trade in US rates kept pressure on global FI in the European afternoon.
  • OAT spreads widened on further fiscal concerns (Finance Minister Armand noting that the deficit could top 6% of GDP this year) - 10Y out 2.4bp vs Bunds. OATS underperformed periphery EGBs, whose spreads likewise finished wider.
  • The German curve also saw belly underperformance, in sympathy with Gilts.
  • Thursday's calendar includes Italian and German confidence surveys, Spanish retail sales, the ECB's Economic Bulletin, and the SNB decision (Preview here).

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

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Yields pushed higher across the European space Wednesday, reversing most of the prior session's declines as curve bellies underperformed.

  • In a session that was fairly light in both meaningful headlines and data, intraday movements were largely flow and supply related.
  • Gilts underperformed, with weakness focused in the belly of the UK curve following soft demand at the 7-year auction.
  • There was little reaction in STIR futures to commentary by BoE's Greene that suggested she could back a cut in November.
  • A large apparent block sale trade in US rates kept pressure on global FI in the European afternoon.
  • OAT spreads widened on further fiscal concerns (Finance Minister Armand noting that the deficit could top 6% of GDP this year) - 10Y out 2.4bp vs Bunds. OATS underperformed periphery EGBs, whose spreads likewise finished wider.
  • The German curve also saw belly underperformance, in sympathy with Gilts.
  • Thursday's calendar includes Italian and German confidence surveys, Spanish retail sales, the ECB's Economic Bulletin, and the SNB decision (Preview here).

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

Keep reading...Show less