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EGBs-GILTS CASH CLOSE: Bull Flattening Going Into Summit

BONDS

As we head into the European Summit on Thur-Fri, the prevailing themes Wednesday were bull flattening in Bunds and Gilts and widening periphery spreads. While not a resolutely risk-off session, safe havens outperformed globally as equities weakened.

French and Spanish supply tomorrow; fairly thin on data, while attention turns to IMF/World Bank meetings and the EU Summit for further Brexit drama. Closing levels:

  • Germany: The 2-Yr yield is down 1bps at -0.745%, 5-Yr is down 1.5bps at -0.764%, 10-Yr is down 2.5bps at -0.581%, and 30-Yr is down 3.1bps at -0.161%.
  • UK: The 2-Yr yield is down 0.5bps at -0.048%, 5-Yr is down 0.8bps at -0.058%, 10-Yr is down 1.9bps at 0.22%, and 30-Yr is down 3.5bps at 0.767%.

10-Yr Periphery EGB Spreads:

  • Italian BTP spread up 2.4bps at 123.8bps
  • Spanish bond spread up 1.6bps at 71.6bps
  • Portuguese PGB spread up 0.9bps at 71.2bps
  • Greek bond spread up 1.2bps at 135.3bps
BulletMarketsFixed Income Bullets
BulletMarketsFixed Income Bullets

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