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EGBs-GILTS CASH CLOSE: BTPs Underperform In Broad Selloff

BONDS

Gilts and BTPs underperformed Thursday, with the FI space getting hit despite a simultaneous decline in equities. No particular trigger for today's moves, more of an exaggerated continuation of trends in the past few sessions (Italy spread widening, core bear steepening).

  • Some moderation of moves in the latter 2 hours of the session, with Gilt and Bund yields coming off highs. BTPs were an exception, with 10Y spreads finishing just under the 100bps handle.
  • Bond supply seen as a contributory factor: France sold E10bn and Spain E5.1bn this morning.
  • Friday sees UK retail sales data and prelim PMIs.

Closing yields/10-Yr Spreads to Bunds:

  • Germany: The 2-Yr yield is up 1bps at -0.688%, 5-Yr is up 2.1bps at -0.629%, 10-Yr is up 2.2bps at -0.346%, and 30-Yr is up 2bps at 0.157%.
  • UK: The 2-Yr yield is up 0.6bps at -0.038%, 5-Yr is up 3.3bps at 0.14%, 10-Yr is up 5bps at 0.622%, and 30-Yr is up 4.8bps at 1.202%.
  • Italian BTP spread up 4bps at 99.4bps / Spanish spread up 3bps at 68.6bps
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