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EGBs-GILTS CASH CLOSE: Bonds Supported as Equities Stall

BONDS

The gilt curve bull flattened on the day alongside weak trading in equities. Cash yields were up to 3bp lower, with the long-end outperforming. The DMO earlier sold GBP3.25bn of the 0.125% Jan-24 Gilt and GBP2.00bn 0.625%Oct-50 Gilt.

EGBs were mixed, but core German and French bonds saw support as the equity rally stalled.


Closing Levels / 10-Yr Periphery EGB Spreads:
  • Germany: The 2-Yr yield is unchanged at -0.744%, 5-Yr is down 1.1bps at -0.780%, 10-Yr is down 1.7bps at -0.564%, and 30-Yr is down 2.2bps at -0.162%.
  • UK: The 2-Yr yield is down 0.8bps at -0.044%, 5-Yr is down 1.2bps at 0.003%,10-Yr is down 2.5bps at 0.321%, and 30-Yr is down 3.3bps at 0.909%.
  • Italian BTP spread up 0.5bps at 119.9bps
  • Spanish bond spread down 0.7bps at 63.3bps
  • Portuguese PGB spread down 1.7bps at 60.0bps
  • Greek bond spread down 2.8bps at 122.2bps
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