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EGBs-GILTS CASH CLOSE: Yield Bounceback Loses Steam

BONDS

A bounce-back session for risk saw German and UK yields rise across the curve Tuesday, with periphery EGB spreads tightening.

  • But Russia-Ukraine tensions and stock market woes remained prevalent themes, and yields finished off late-morning highs, mirroring a pullback in equities from overnight best levels.
  • Duration supply a theme too: Netherlands sold E2bn 30Y DSL, while FInland 20Y mandate helped weigh on semi-core EGBs.
  • Italian presidential elections continue; BTP spreads fell 2+bp, GGBs down 3.6bp.
  • Some attention on the UK Gov't lockdown party scandal, w headlines that the Gray report would be released tonight. Though most attention on the Federal Reserve decision tomorrow.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is up 0.4bps at -0.648%, 5-Yr is up 1.9bps at -0.359%, 10-Yr is up 2.8bps at -0.079%, and 30-Yr is up 3.7bps at 0.235%.
  • UK: The 2-Yr yield is up 2.5bps at 0.896%, 5-Yr is up 2.9bps at 0.996%, 10-Yr is up 3.8bps at 1.164%, and 30-Yr is up 4.2bps at 1.284%.
  • Italian BTP spread down 2.2bps at 136.9bps / Greek down 3.6bps at 173.6bps
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