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BONDS: Bunds Outperform Gilts & EGBs

BONDS
BulletMarketsFixed Income Bullets

A muted couple of hours for UK & European paper, as the bid in Tsys and the weakness in European equities helps keep the space underpinned.

  • A move lower in European natural gas futures also factors into the rally in Bunds.
  • German curve bull steepens on the day, with yields 1.5-4.0bp lower.
  • Weakness in equities and Moody’s off-schedule one-notch downgrade of France leaves EGB spreads to Bunds wider on the day, with PGBs under the most pressure, widening by ~3.5bp.
  • Gilts give up early outperformance against Bunds, now trading 1bp wider at 216bp, spread comfortably within its multi-week range.
  • Gilt yields 1.5bp higher to 2bp lower, curve twist flattens.
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A muted couple of hours for UK & European paper, as the bid in Tsys and the weakness in European equities helps keep the space underpinned.

  • A move lower in European natural gas futures also factors into the rally in Bunds.
  • German curve bull steepens on the day, with yields 1.5-4.0bp lower.
  • Weakness in equities and Moody’s off-schedule one-notch downgrade of France leaves EGB spreads to Bunds wider on the day, with PGBs under the most pressure, widening by ~3.5bp.
  • Gilts give up early outperformance against Bunds, now trading 1bp wider at 216bp, spread comfortably within its multi-week range.
  • Gilt yields 1.5bp higher to 2bp lower, curve twist flattens.