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EGBs-GILTS CASH CLOSE: Bearish End To An Ugly Week

BONDS

A tumultuous week for the space ended with further weakness in both the UK and German curves, with the short-end / belly once again bearing the brunt of upward central bank hike repricing.

  • Bear steepening replaced the bear flattening earlier in the week, and it was Germany's turn to underperform the UK in contrast to recent sessions.
  • However, Gilts had been underperforming most of the session after stronger-than-expected retail sales data, and the short end remained under pressure: UK yields were up 14+bp at one point to a fresh post-2008 high before fading.
  • Periphery spreads widened, but trade was orderly following a jump at the open.
  • Key events next week include flash PMI data and the Jackson Hole symposium.

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

  • Germany: The 2-Yr yield is up 8.1bps at 0.824%, 5-Yr is up 12.2bps at 1.042%, 10-Yr is up 12.8bps at 1.23%, and 30-Yr is up 11bps at 1.404%.
  • UK: The 2-Yr yield is up 7.1bps at 2.525%, 5-Yr is up 9.4bps at 2.276%, 10-Yr is up 10.1bps at 2.411%, and 30-Yr is up 9bps at 2.714%.
  • Italian BTP spread up 4.2bps at 227bps / Greek up 2.3bps at 247.1bps
HomepageBond Market NewsBulletMarketsFixed Income Bullets
HomepageBond Market NewsBulletMarketsFixed Income Bullets

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