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Bunds and Gilts traded with a weak tone in the morning, until a sudden rout in US equities after midday London time triggered a significant risk-off move benefiting safe havens.
- No particular trigger to the risk-off move, though it was led by tech stocks, and could be some squaring ahead of Friday's US payrolls figured. Curves flattened as long-end yields fell sharply, with periphery spreads widening a couple of bps vs Bunds.
- That said, EGBs/Gilts ignored comments by US Treas Sec Yellen on the potential need for rising rates to stop the economy overheating on gov't spending (Tsys sold off sharply).
- Greece underperformed 5-Yr EUR benchmark syndication was announced.
- Weds sees Germany sell Bobl, UK sells 2031/ 2046 Gilts, final EZ/UK and IT/ES Apr PMI data.
Closing yields/10-Yr Spreads to Bunds:
- Germany: The 2-Yr yield is down 1.1bps at -0.697%, 5-Yr is down 2.4bps at -0.607%, 10-Yr is down 3.4bps at -0.238%, and 30-Yr is down 4.4bps at 0.315%.
- UK: The 2-Yr yield is down 3.3bps at 0.047%, 5-Yr is down 4bps at 0.349%, 10-Yr is down 4.7bps at 0.795%, and 30-Yr is down 5.2bps at 1.29%.
- Italian BTP spread up 2.1bps at 109.9bps / Greek spread up 4.5bps at 124.2bps