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EGBs-GILTS CASH CLOSE: Bear Flattening

BONDS

The German and UK curves bear flattened as the short-end sold off sharply once again.

  • The increasingly hawkish shift by the Federal Reserve drove most of the move, but there has also been an element of risk appetite returning (BTP spreads lower, equities higher).
  • 10Y Bund and Gilt yields hit fresh post-2018 highs, but the 2Y segment underperformed on both curves as central bank hike pricing ticked higher.
  • UK in focus Weds, with CPI data and Spring budget statement (our preview is on the MNI website).

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is up 4.9bps at -0.235%, 5-Yr is up 4.7bps at 0.223%, 10-Yr is up 3.5bps at 0.505%, and 30-Yr is up 1.4bps at 0.672%.
  • UK: The 2-Yr yield is up 9.3bps at 1.415%, 5-Yr is up 8.4bps at 1.462%, 10-Yr is up 7bps at 1.708%, and 30-Yr is up 5.6bps at 1.922%.
  • Italian BTP spread down 2.2bps at 151.7bps / Greek up 2.1bps at 224.1bps
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