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EGBs-GILTS CASH CLOSE: Gilts Underperform

BONDS

A mixed day for the European FI space Thursday, with Gilts underperforming, Bunds flat, and periphery spreads tightening.

  • With few catalysts emanating from Europe, US data surprises once again dictated the tempo in the afternoon - after strong retail sales numbers, Treasuries sold off, with Bunds and Gilts following.
  • Gilt yields rose steadily for most of the session, leaving the UK/Germany 10Y spread nearing 2-year highs.
  • In the morning, ECB's Rehn said rate hikes were not "within sight". We also had heavy supply, from France (E9bln in OAT) and Spain (E5.2bln in Bono/Obli), plus Austria 15Y syndication (E5bln in RAGB).

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is down 0.2bps at -0.703%, 5-Yr is up 0.3bps at -0.621%, 10-Yr is up 0.4bps at -0.302%, and 30-Yr is up 0.3bps at 0.195%.
  • UK: The 2-Yr yield is up 2.2bps at 0.285%, 5-Yr is up 3.7bps at 0.49%, 10-Yr is up 3.9bps at 0.817%, and 30-Yr is up 4.1bps at 1.118%.
  • Italian BTP spread down 1.2bps at 99.6bps / Spanish down 0.9bps at 64.1bps
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