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EGBs-GILTS CASH CLOSE: Awaiting Lagarde

BONDS

Bund and Gilt yields fell Wednesday, with mixed moves (UK short-end outperformed, whereas it was the opposite in Germany). Periphery spreads a little tighter.

  • Little newsflow driving the market, with more attention on US CPI data (which came in on the soft side, boosting global core FI), and the ECB decision and Pres Lagarde's press conf on Thursday.
  • In data, French IP came in stronger than expected; bond supply came from UK (Linker, GBP800mn), Germany (Bobl, EUR3.2595bn allotted), Portugal (OTs, EUR1.25bn), with Latvia selling E1.25bn in 10-yr bonds via syndication.
  • Late in the session, the EU sent an RfP for further SURE issuance.

Closing yields/10-Yr Spreads to Bunds:

  • Germany: The 2-Yr yield is down 0.1bps at -0.682%, 5-Yr is down 0.7bps at -0.616%, 10-Yr is down 1.2bps at -0.313%, and 30-Yr is down 2.1bps at 0.184%.
  • UK: The 2-Yr yield is down 1.8bps at 0.066%, 5-Yr is down 1.4bps at 0.319%, 10-Yr is down 1.3bps at 0.714%, and 30-Yr is down 1.3bps at 1.229%.
  • Italian BTP spread down 0.5bps at 98.8bps /Spanish spread up 0.1bps at 66.5bps
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