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EGBs-GILTS CASH CLOSE: Steepening Once Again

BONDS

Long-end Gilts underperformed, with both the UK and German curves bear steepening once again Tuesday - though not before some early flattening. Periphery spreads traded flat/slightly wider.

  • Gilt underperformance came amid Sterling weakness and ahead of the BoE meeting Thursday. Front-end yields actually fell on the day.
  • Spain sold E8B of 10Y via syndication; Netherlands sold E2B DSL at auction.
  • Wednesday's highlight is June flash PMIs; Germany sells 15-Yr bonds and UK sells Linkers.

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

  • Germany: The 2-Yr yield is up 0.5bps at -0.647%, 5-Yr is up 0.5bps at -0.556%, 10-Yr is up 0.7bps at -0.164%, and 30-Yr is up 1.4bps at 0.317%.
  • UK: The 2-Yr yield is down 1.7bps at 0.108%, 5-Yr is up 0.4bps at 0.389%, 10-Yr is up 1.1bps at 0.78%, and 30-Yr is up 4bps at 1.267%.
  • Italian BTP spread up 1.5bps at 106.2bps / Spanish spread unchanged at 62.5bps
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