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EGBs-GILTS CASH CLOSE: Back To Steepening

BONDS

The biggest move of the day for Bund and Gilt yields was lower in sympathy with Tsys on weak US CPI data released at 1330GMT. Conversely, they did little as equities quickly dived to session lows between 1500-1600GMT.

  • Curves ended the session slightly steeper, and periphery spreads a little wider.
  • Little new from ECB's Lagarde earlier; Gilts weaker ahead of BoE Bailey's Mansion House speech at the 1700GMT cash close. Supply (Germany Bobl, UK 2041 Gilt) came and went without incident, as did a weak French industrial production release.
  • Apart from ECB speakers (Villeroy, de Guindos, Knot), light calendar Thursday: BTP supply, Dutch Jan inflation.

Closing yields/10-Yr Spreads to Bunds:

  • Germany: The 2-Yr yield is unchanged at -0.714%, 5-Yr is up 0.1bps at -0.691%, 10-Yr is up 0.9bps at -0.437%, and 30-Yr is up 1.9bps at 0.042%.
  • UK: The 2-Yr yield is unchanged at -0.028%, 5-Yr is up 1.2bps at 0.082%, 10-Yr is up 2.6bps at 0.489%, and 30-Yr is up 3.1bps at 1.071%.
  • Italian BTP spread down 1.8bps at 94.1bps / Spanish spread up 0.8bps at 58.4bps
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