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EGBs-GILTS CASH CLOSE: Broad Rally (Ex-UK 30s)

BONDS

The UK curve twist steepened with Germany's bull flattening to begin the week, amid a broader rally in global core FI.

  • With fairly limited newsflow, at least some of the rally was seen as a reversal of last Friday's month-/quarter-end sell-off, with a dose of risk-off caution (equity futures opened sharply lower; Credit Suisse CDS rose sharply).
  • A pullback in central bank tightening expectations extended in the European afternoon following a weaker-than-expected US ISM Manufacturing reading.
  • UK 30Y Gilts were the outlier, with yields reversing higher by over 30bp after a very low takeup in the daily BoE purchase operation (GBP22mln vs max GBP5bln).
  • BTPs advanced as ECB rate hike pricing faded (200bp in further hikes seen, 20bp lower today), with 10Y spreads to Bunds down over 8bp.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany:

  • Germany: The 2-Yr yield is down 13.9bps at 1.62%, 5-Yr is down 19.6bps at 1.767%, 10-Yr is down 19.1bps at 1.917%, and 30-Yr is down 17bps at 1.922%.
  • UK: The 2-Yr yield is down 17.9bps at 4.053%, 5-Yr is down 16.8bps at 4.226%, 10-Yr is down 12.9bps at 3.964%, and 30-Yr is up 6.3bps at 3.888%.
  • Italian BTP spread down 8.2bps at 232.9bps / Spanish down 2.2bps at 115.9bps
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