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EGBs-GILTS CASH CLOSE: Bear Steepening To End The Week

BONDS

A back-and-forth week ended up with bear steepening in both the Gilt and UK curves, with long-end Gilts getting hit. 30-yr Gilt yields backed up 14+bps from Thursday's post-BoE lows.

  • And EGB peripheries impressed, with the US election (almost) results considered to be market-friendly - spreads dropped sharply Friday, while 10-Yr BTP yields hit all-time closing lows.
  • Next week, Brexit talks will continue to highlight; plenty of data, and an ECB forum featuring names like Lagarde, Bailey and Powell.

Closing Levels / 10-Yr Periphery EGB Spreads:

  • Germany: The 2-Yr yield is up 0.4bps at -0.78%, 5-Yr is up 1bps at -0.802%, 10-Yr is up 1.6bps at -0.621%, and 30-Yr is up 2.5bps at -0.202%.
  • UK: The 2-Yr yield is up 1.3bps at -0.034%, 5-Yr is up 1.9bps at -0.032%, 10-Yr is up 4bps at 0.274%, and 30-Yr is up 5.7bps at 0.858%.
  • Italian BTP spread down 4.4bps at 126.1bps
  • Spanish bond spread down 1bps at 71.8bps
  • Portuguese PGB spread down 1.2bps at 70.1bps
  • Greek bond spread down 3.3bps at 143.6bps
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