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EGBs-GILTS CASH CLOSE: Bear Steepening, GGBs Underperform Again​

BONDS

The Bund and Gilt curves bear steepened Wednesday, with long end yields rising globally with the US Fed decision eyed.

  • Periphery spreads widened; on a day when Greece successfully sold E2.5bn in 30-Yr benchmark via syndication, 10-Yr GGB spreads widened 6.4bps, underperforming for the second consecutive session.
  • Attention is on the Federal Reserve decision after the European close, with Bank of England the focus Thursday. Plenty of ECB speakers Thurs as well (incl Lagard), and TLTROIII results.
  • Tomorrow also sees supply from Spain and France (up to E18bn in nominal and linkers).

Closing yields/10-Yr Spreads to Bunds:

  • Germany: The 2-Yr yield is up 0.5bps at -0.685%, 5-Yr is up 2.3bps at -0.624%, 10-Yr is up 4.5bps at -0.291%, and 30-Yr is up 5.4bps at 0.255%.
  • UK: The 2-Yr yield is up 1.8bps at 0.111%, 5-Yr is up 3bps at 0.397%, 10-Yr is up 4.5bps at 0.83%, and 30-Yr is up 3.9bps at 1.358%.
  • Italian BTP spread up 2.6bps at 98.8bps/ Spanish spread up 1.8bps at 66.8bps
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