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EGBs-GILTS CASH CLOSE: Bear Steepening Prevails

BONDS

The UK and German curves bear steepened significantly Tuesday amid a big rise in yields at the long end, while periphery spreads closed mixed.

No particular trigger, particularly given that risk-off has prevailed for most of the afternoon with equities retracing earlier gains. Some pointing to positioning ahead of Fed Chair Powell's comments Thursday, and/or some follow-through from stronger-than-expected German data in the morning.

Also, Wednesday sees heavy supply (UK, Italy, Portugal, Germany; and possible Finland syndication), but little data and no speakers. Closing levels:

  • Germany: The 2-Yr yield is up 2.1bps at -0.656%, 5-Yr is up 3.5bps at -0.649%, 10-Yr is up 6bps at -0.431%, and 30-Yr is up 6.5bps at 0.01%.
  • UK: The 2-Yr yield is up 2bps at -0.021%, 5-Yr is up 3.7bps at -0.003%, 10-Yr is up 5bps at 0.263%, and 30-Yr is up 5.2bps at 0.841%.

10-Yr Periphery EGB Spreads:

  • Italian BTP spread up 2.2bps at 145.7bps
  • Spanish bond spread down 0.5bps at 81.3bps
  • Portuguese PGB spread down 0.9bps at 83.5bps
  • Greek bond spread down 4.7bps at 153bps
BulletMarketsFixed Income Bullets
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