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EGBs-GILTS CASH CLOSE: Bailey Turns Gilt Yields Lower

BONDS

European yields rose to start Monday's session but reversed lower in the afternoon, with Gilts easily outperforming amid bull flattening.

  • The turnaround in Gilts came after BoE Gov Bailey's comments that the change in forward guidance introduced as part of the March MPC statement was a reflection of the increased uncertainty to the outlook.
  • German bonds traded in a similar pattern to UK, but their afternoon rally was not nearly as strong.
  • Periphery EGB spreads widened slightly on the day, with equities mixed.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is up 1.8bps at -0.117%, 5-Yr is up 0.6bps at 0.361%, 10-Yr is down 0.9bps at 0.578%, and 30-Yr is down 1.9bps at 0.681%.
  • UK: The 2-Yr yield is down 5.4bps at 1.362%, 5-Yr is down 6bps at 1.413%, 10-Yr is down 7.8bps at 1.617%, and 30-Yr is down 10.5bps at 1.776%.
  • Italian BTP spread up 3.2bps at 152.8bps / Greek up 3bps at 225.8bps
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