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EGBs-GILTS CASH CLOSE: Another Day, Another Selloff

BONDS

Bond weakness saw little respite to end the week, with the short-end/bellies of the UK and German curves selling off sharply.

  • Multiple potential factors weighed, including an increasingly hawkish sell-side outlook for near-term Fed hikes, and optimism that Russia may have limited its ambitions in the Ukraine conflict.
  • Both the UK and German curves bear flattened. 10Y Bund yields hit highest since 2018 and closed on the highs.
  • Periphery EGB spreads narrowed on core weakness: GGBs outperformed.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is up 6.4bps at -0.135%, 5-Yr is up 8.5bps at 0.355%, 10-Yr is up 5.5bps at 0.587%, and 30-Yr is up 3.5bps at 0.7%.
  • UK: The 2-Yr yield is up 6.8bps at 1.416%, 5-Yr is up 5.8bps at 1.473%, 10-Yr is up 4.9bps at 1.695%, and 30-Yr is up 4bps at 1.881%.
  • Italian BTP spread down 2.5bps at 149.6bps / Greek down 4.3bps at 222.8bps
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