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EGBs-GILTS CASH CLOSE: Bear Steepening In Modestly Risk-On Session

BONDS

Bunds weakened over the course of Tuesday as equities gained steam, while Gilts traded mostly sideways with little conviction. Both curves bear steepened modestly.

  • Periphery spreads tightened slightly, in a modestly risk-on session with equities in the green.
  • German CPI data for June edged slightly lower than expectations, while Eurozone economic confidence for the same month improved. Eurozone CPI out Wednesday.
  • In supply, EU sold total E15bln of 5-/30Y NGEU. Wednesday sees E6bln of BTP auctioned.

Closing German/UK Yields And 10-Yr Spreads To Germany

  • Germany: The 2-Yr yield is unchanged at -0.652%, 5-Yr is up 1.1bps at -0.563%, 10-Yr is up 1.9bps at -0.171%, and 30-Yr is up 2.1bps at 0.332%.
  • UK: The 2-Yr yield is up 0.3bps at 0.06%, 5-Yr is up 0.5bps at 0.346%, 10-Yr is up 1.4bps at 0.736%, and 30-Yr is up 2.8bps at 1.249%.
  • Italian BTP spread down 1.2bps at 105.1bps / Spanish down 0.7bps at 62.5bps
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