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EGBs-GILTS CASH CLOSE: Curves Steepen Post-ECB

BONDS

Yields finished higher Thursday following the ECB decision, ahead of European markets closure for a long weekend.

  • The ECB decision didn't really change the status quo (emphasising a "flexible" approach to removing accommodation), and Bunds initially strengthened as it wasn't as hawkish as some had feared.
  • But long-end yields started rising quickly in the closing minutes of Lagarde's press conference, largely tracking USTs. Short-end yields remained subdued.
  • A couple of BBG/RTRS sources pieces signalling a Q3/July 25bp rate hike was still possible boosted 2Y Bund yields, but they remained lower on the day.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is down 2.7bps at 0.047%, 5-Yr is up 2.5bps at 0.574%, 10-Yr is up 7.6bps at 0.842%, and 30-Yr is up 11.4bps at 1.015%.
  • UK: The 2-Yr yield is up 7.1bps at 1.56%, 5-Yr is up 7.5bps at 1.624%, 10-Yr is up 9bps at 1.889%, and 30-Yr is up 10.5bps at 2.051%.
  • Italian BTP spread up 3.3bps at 164bps / Spanish up 0.2bps at 93.8bps
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