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EGBs-GILTS CASH CLOSE: Another Session Of Two Halves

BONDS

A morning Europe FI sell-off reversed in the afternoon Tuesday in a mirror image of Monday's price action, with Bund and Gilt yields finishing well off highs.

  • Yield rises accelerated on risk-on prospects for a Ukraine-Russia ceasefire, but fell back after commodity prices dropped sharply and lowered breakeven inflation expectations.
  • Schatz and Bobl yields hit 8-year highs before falling back, with Schatz going above 0.00% briefly.
  • Multiple ECB speakers discussed rate hike prospects for this year (Holzmann sees 2x, Vasle says a raise is possible in 2022).
Closing Yields / 10-Yr Periphery EGB Spreads To Germany
  • Germany: The 2-Yr yield is up 7.1bps at -0.046%, 5-Yr is up 7.7bps at 0.438%, 10-Yr is up 5.8bps at 0.636%, and 30-Yr is up 4.6bps at 0.727%.
  • UK: The 2-Yr yield is down 0.4bps at 1.358%, 5-Yr is up 0.6bps at 1.419%, 10-Yr is up 2.8bps at 1.645%, and 30-Yr is up 1.6bps at 1.792%.
  • Italian BTP spread down 4.4bps at 148.4bps / Greek down 3bps at 222.8bps
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