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EGBs-GILTS CASH CLOSE: Bear Flattening And BTPs Stand Out

BONDS

European curves bear flattened Thursday in the wake of the hawkish Federal Reserve meeting after hours Wednesday, though retraced some losses over the course of the session.

  • The UK short end underperformed across the core FI space. Some analysts posted more hawkish near-term BoE policy outlooks, ahead of next week's MPC.
  • BTPs stood out, with spreads compressing sharply in contrast to previous sessions' widening:
  • 10Y yields saw their biggest drop since Dec 17 (after hitting the highest yield since Jun 2020) as the presidential election impasse continued into Friday.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is up 3.4bps at -0.611%, 5-Yr is up 3.4bps at -0.319%, 10-Yr is up 1.5bps at -0.059%, and 30-Yr is down 1.8bps at 0.228%.
  • UK: The 2-Yr yield is up 4.5bps at 0.961%, 5-Yr is up 4.3bps at 1.065%, 10-Yr is up 3bps at 1.228%, and 30-Yr is up 1.9bps at 1.351%.
  • Italian BTP spread down 5.7bps at 134.5bps / Spanish down 1.8bps at 72.8bps
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