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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