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EGBs-GILTS CASH CLOSE: Risk-On Ahead Of ECB

BONDS

Decent activity on the day ahead of the ECB decision. Yields appeared indecisive in the morning despite stronger equities as markets initially fixated on risk-off Brexit headlines, but headed higher in the afternoon, boosted by a BBG headline "ECB FORECASTS SAID TO SHOW MORE CONFIDENCE IN ECONOMIC OUTLOOK" - ahead of Thursday's ECB decision of course.

German and UK curves ended steeper while periphery EGB spreads tightened.

Apart from ECB Thursday, plenty of supply (Italy, Ireland, UK); a bit of data too (France, Italy IP). Closing levels:

  • Germany: The 2-Yr yield is up 1.4bps at -0.691%, 5-Yr is up 2.6bps at -0.674%, 10-Yr is up 3.3bps at -0.462%, and 30-Yr is up 3.6bps at -0.007%.
  • UK: The 2-Yr yield is up 4.9bps at -0.083%, 5-Yr is up 4.4bps at -0.061%, 10-Yr is up 4.9bps at 0.237%, and 30-Yr is up 6bps at 0.805%.

10-Yr Periphery EGB Spreads:

  • Italian BTP spread down 4bps at 148.3bps
  • Spanish bond spread down 2bps at 80.1bps
  • Portuguese PGB spread down 3.1bps at 82.4bps
  • Greek bond spread down 5.3bps at 161.7bps
BulletMarketsFixed Income Bullets
BulletMarketsFixed Income Bullets

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