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EGBs-GILTS CASH CLOSE: A "Big Buzz" On Brexit Sinks Gilts

BONDS

Gilts had already been having a weak day (in part due to a poor BoE APF result), but plummeted to session lows on a BBC political editor's tweet claiming a "big buzz" among Conservative MPs of a Brexit deal being reached this week.

  • This exaggerated the bear steepening move in Gilts (5s30s shot 5bps higher between the 1445GMT APF result and the close). Periphery spreads tighter too as equities rose. In contrast, German curve fairly flat.
  • Flash Dec PMIs and UK Nov CPI in focus on Wednesday.

Closing Levels / 10-Yr Periphery EGB Spreads:

  • Germany: The 2-Yr yield is up 1.5bps at -0.756%, 5-Yr is up 1.1bps at -0.787%, 10-Yr is up 0.9bps at -0.611%, and 30-Yr is up 1.1bps at -0.201%.
  • UK: The 2-Yr yield is up 3.5bps at -0.054%, 5-Yr is up 3.2bps at -0.029%, 10-Yr is up 3.8bps at 0.26%, and 30-Yr is up 6.4bps at 0.826%.
  • Italian BTP spread down 3.1bps at 113bps
  • Spanish bond spread down 2.9bps at 59.4bps / Portuguese down 2.6bps at 55.5bps
BulletMarketsFixed Income Bullets
BulletMarketsFixed Income Bullets

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