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Policy
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Free AccessEGBs-GILTS CASH CLOSE: Tug Of War
Bunds drifted for most of the day while Gilt yields rose steadily after a drop at the open. The German curve flattened, though only modestly, and there was a bit of a tug-of-war in either direction over the course of the session.
- BTP spreads traded within ranges, with 10-Yrs remaining below the key 140bps mark to Bunds.
- Not much driving from a fundamental perspective, with no key data/speakers. Solid Gilt and Bund auctions this morning did little to move the needle.
- Wednesday sees UK Jul inflation data first thing, and Germany selling 30-Yrs/ UK selling Oct-29 Gilt. Also, 7th round of UK-EU FTA talks start this evening.
- Germany: The 2-Yr yield is down 0.1bps at -0.658%, 5-Yr is down 0.5bps at -0.658%, 10-Yr is down 1.2bps at -0.463%, and 30-Yr is down 1.2bps at -0.026%.
- UK: The 2-Yr yield is unchanged at -0.042%, 5-Yr is up 0.6bps at -0.04%, 10-Yr is up 0.3bps at 0.219%, and 30-Yr is up 0.4bps at 0.778%.
10-Yr Periphery EGB Spreads:
- Italian BTP spread up 0.8bps at 138.9bps
- Spanish bond spread down 0.4bps at 77.3bps
- Portuguese PGB spread up 0.7bps at 80.5bps
- Greek bond spread down 0.2bps at 155.7bps
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.