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EGBs-GILTS CASH CLOSE: Bear Steepening Fades

BONDS

Early bear steepening in Bunds and - especially - Gilts faded in the afternoon as a bit of risk was taken off ahead of the weekend with equities coming off highs. Gilts hit session lows around 1330BST after a Reuters sources piece suggesting France was set to give ground on fishing in the Brexit negotiations, but gained steadily thereafter.

This wasn't fully a risk-off bid though, with BTP spreads remaining pinned down ahead of tonight's S&P credit ratings review.

Closing Levels / 10-Yr Periphery EGB Spreads:

  • Germany: The 2-Yr yield is up 0.7bps at -0.758%, 5-Yr is unchanged at -0.773%, 10-Yr is down 0.8bps at -0.574%, and 30-Yr is down 0.9bps at -0.154%.
  • UK: The 2-Yr yield is down 0.6bps at -0.033%, 5-Yr is down 0.6bps at -0.031%, 10-Yr is down 0.4bps at 0.28%, and 30-Yr is down 0.5bps at 0.848%.
  • Italian BTP spread down 3.7bps at 133.2bps
  • Spanish bond spread down 2bps at 76.9bps
  • Portuguese PGB spread down 1.9bps at 74.8bps
  • Greek bond spread down 0.4bps at 149.8bps
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