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Free AccessEGBs-GILTS CASH CLOSE: Steepening Pauses As Long End Rallies
The recent steepening trend in both the UK and German curves paused Friday, with long end Gilt yields falling ahead of the UK long weekend (assisted by dovish comments by BoE Gov Bailey at Jackson Hole in the afternoon). Both Gilts and Bunds rallied for most of the session (the latter after opening weaker), while periphery EGBs finished mixed.
Eurozone flash Aug inflation numbers will be the focus on Monday, with the UK on holiday. Closing levels:
- Germany: The 2-Yr yield is down 0.7bps at -0.665%, 5-Yr is down 0.8bps at -0.649%, 10-Yr is down 0.2bps at -0.409%, and 30-Yr is up 0.5bps at 0.065%.
- UK: The 2-Yr yield is down 4.2bps at -0.057%, 5-Yr is down 3.3bps at -0.008%, 10-Yr is down 2.5bps at 0.311%, and 30-Yr is down 4.3bps at 0.886%.
10-Yr Periphery EGB Spreads:
- Italian BTP spread up 2.6bps at 145.3bps
- Spanish bond spread down 0.8bps at 78.8bps
- Portuguese PGB spread down 0.5bps at 80.8bps
- Greek bond spread up 0.1bps at 151bps
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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.