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EGBs-GILTS CASH CLOSE: Bear Steepening And Brexit Headlines

BONDS

Core FI weakened in the afternoon session as equities gained steam, recovering from last night's sell off on fears that US fiscal stimulus was no longer in sight. Brexit headlines took the baton, with back-and-forth source stories giving conflicting views on the state of play in negotiations.

The end result was bear steepening across both the German and UK curves. Periphery spreads narrowed, with Greece leading the pack. Closing levels:

  • Germany: The 2-Yr yield is up 0.2bps at -0.692%, 5-Yr is up 1bps at -0.692%, 10-Yr is up 1.4bps at -0.493%, and 30-Yr is up 1.9bps at -0.059%.
  • UK: The 2-Yr yield is up 0.7bps at -0.013%, 5-Yr is up 1.2bps at -0.022%, 10-Yr is up 1.6bps at 0.303%, and 30-Yr is up 1.1bps at 0.88%.

10-Yr Periphery EGB Spreads:

  • Italian BTP spread down 0.5bps at 127.8bps
  • Spanish bond spread down 0.8bps at 73.5bps
  • Portuguese PGB spread down 1bps at 72.6bps
  • Greek bond spread down 5bps at 143.2bps
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