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EGBs-GILTS CASH CLOSE: 2Y Gilt Yields At Post-2008 Highs

BONDS

Gilts underperformed Bunds Monday in a relatively light trading session (US markets observing a holiday) punctuated by central bank speakers.

  • BoE's Mann told an MNI Connect event that she voted for a 50bp hike at the last meeting in part to avert further currency weakness further boosting imported inflation.
  • 2Y Gilt yields hit post-2008 highs.
  • ECB's Lagarde highlighted that wages were beginning to rise.
  • OAT spreads widened following President Macron's failure to secure a parliamentary majority in Sunday's elections, though remain off June's highs.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany:

  • Germany: The 2-Yr yield is up 5.9bps at 1.153%, 5-Yr is up 9.3bps at 1.55%, 10-Yr is up 8.8bps at 1.749%, and 30-Yr is up 9bps at 1.941%.
  • UK: The 2-Yr yield is up 9.6bps at 2.3%, 5-Yr is up 10.2bps at 2.309%, 10-Yr is up 10.6bps at 2.604%, and 30-Yr is up 12.9bps at 2.796%.
  • Italian BTP spread up 1.8bps at 195.5bps / Greek down 9.8bps at 227.2bps
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