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EGBs-GILTS CASH CLOSE: Core Rallies, Greece Underperforms

BONDS

Tuesday brought a strong, bull flattening session for Bunds and Gilts. Global safe havens spiked late morning UK time amid outages for multiple popular websites, reversing shortly thereafter as the situation was seen under control. But then the rally resumed throughout the afternoon, following US Tsy, with no particular catalyst.

  • Periphery spreads tightened with the notable exception of Greece, which announced a tap of its 10-Yr bond.
  • Busy session for supply: Netherlands 2031, German 7yr, Austria 2025 and 2031, UK 2026 & 2071, and syndication of new 10Y BTP (for E10bln).
  • On Wednesday, Germany sells E1.5bln of Bund, UK sells GBP1bln of Gilt linker, Portugal sells up to E0.75-1bln of OT. German Apr trade data out as well but little data really, and no speakers.
  • Thursday's ECB meeting (pre-positioning of which may have contributed to today's rally) remains the focus.

Closing German/UK Yields And 10-Yr Spreads To Germany

  • Germany: The 2-Yr yield is down 0.5bps at -0.669%, 5-Yr is down 1.8bps at -0.6%, 10-Yr is down 2.6bps at -0.224%, and 30-Yr is down 3bps at 0.327%.
  • UK: The 2-Yr yield is down 1.8bps at 0.067%, 5-Yr is down 2.9bps at 0.329%, 10-Yr is down 3.6bps at 0.77%, and 30-Yr is down 3.7bps at 1.309%.
  • Italian BTP spread down 2.7bps at 108.5bps / Greek spread up 5.7bps at 108.8bps
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