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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessEGBs-GILTS CASH CLOSE: Broad Rally As Doves Have Their Day
EGB and Gilt yields fell sharply Wednesday amid largely dovish ECB revelations.
- Early in the session, EGBs rallied as ECB hawk Holzmann signalled support for a cautious approach on QT. And just before the cash close, MNI published an ECB sources piece pointing to potential for smaller hikes later in the year as inflation fades.
- ECB terminal rate pricing fell 11bp on the session (below 140bp hikes by July) and combined with Holzmann's comments, periphery EGB spreads fell sharply. GGBs outperformed, while 10Y BTP/Bund spreads printed below 180bp for just the third time since April 2022.
- SONIA rallied as well, with the Gilt curve flattening, with multiple factors cited including follow-through from Tuesday's huge BOE Financial Stability Sales operation.
- Some of the rally was also attributed to position squaring ahead of US CPI, which is Thursday's (indeed the week's) focus; we also get an appearance by BoE's Mann and the ECB's economic bulletin.
Closing Yields / 10-Yr Periphery EGB Spreads To Germany
- Germany: The 2-Yr yield is down 6.6bps at 2.588%, 5-Yr is down 12.2bps at 2.222%, 10-Yr is down 10.4bps at 2.204%, and 30-Yr is down 11bps at 2.139%.
- UK: The 2-Yr yield is up 5.2bps at 3.53%, 5-Yr is down 13bps at 3.335%, 10-Yr is down 14.8bps at 3.409%, and 30-Yr is down 15.1bps at 3.756%.
- Italian BTP spread down 8.3bps at 183.1bps / Greek down 12bps at 197bps
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.