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EGBs-GILTS CASH CLOSE: BoE's Vlieghe Puts Pressure On Gilts

BONDS

Thursday saw a weak session for the space, with the Bund and Gilt curves bear steepening.

  • Biggest headline reaction of the day came from BoE Vlieghe, who commented at midday UK time that early rate hikes are possible if there is a smooth furlough transition.
  • This sent Gilts lower, with Bunds following suit.
  • ECB's Weidmann in contrast didn't add to the conversation on tapering.
  • BTPs were sold across the curve at various points in the day, but the weakness in Bunds meant spreads compressed over the course of the session.
  • We get French prelim May inflation and Eurozone confidence data on Friday, as well as an appearance by ECB Villeroy; Italy sells up to E8.5bln of BTP/CCTeu.

Closing yields/10-Yr Spreads to Bunds:

  • Germany: The 2-Yr yield is up 1bps at -0.656%, 5-Yr is up 2.3bps at -0.554%, 10-Yr is up 3.4bps at -0.172%, and 30-Yr is up 4bps at 0.389%.
  • UK: The 2-Yr yield is up 2.9bps at 0.052%, 5-Yr is up 4.7bps at 0.349%, 10-Yr is up 5.8bps at 0.81%, and 30-Yr is up 3.7bps at 1.319%.
  • Italian BTP spread down 1.9bps at 110.8bps / Spanish spread down 0.2bps at 65.6bps
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