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EGBs-GILTS CASH CLOSE: Bear Steepening

BONDS

A strong start gave way to sizeable weakness for Bunds and Gilts, with yields testing their highest levels since March in a bear steepening move Weds afternoon.

  • No overt catalyst though, with most of the week's (large) supply already having seemed to have been absorbed, and only some facets of a risk-on move (equities mixed, USD weaker). Periphery spreads mixed but basically steady.
  • The E.U. confirmed details on issuance for the E800bn NextGenEU programme, with auctions and syndications due to start in the summer. Afternoon comments by ECB Lagarde had little impact.
  • Slovakia held a 15-Yr syndication, raising E1.5bn; Germany held 30-Yr Bund sale and UK a 30-Yr linker auction. Ireland announced a 20-Yr Mandate.
  • Thursday sees some final March CPI data, but no scheduled speakers or bond auctions.

Closing yields/10-Yr Spreads to Bunds:

  • Germany: The 2-Yr yield is up 1.4bps at -0.688%, 5-Yr is up 2.8bps at -0.603%, 10-Yr is up 3.4bps at -0.258%, and 30-Yr is up 3.1bps at 0.295%.
  • UK: The 2-Yr yield is up 1.2bps at 0.061%, 5-Yr is up 1.1bps at 0.367%, 10-Yr is up 2.5bps at 0.804%, and 30-Yr is up 3.8bps at 1.345%.
  • Italian BTP spread up 1bps at 105.1bps / Spanish down 0.5bps at 67.4bps
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