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EGBs-GILTS CASH CLOSE: BTP Spreads Break 140

BONDS

While it wasn't a risk-on session (equities mixed), with basically no market-moving catalysts seen over the course of the day, BTPs proved the star once again, despite Gilts and Bunds strengthening.

10-Yr BTP spreads closed under the 140bps mark vs Bunds for the first time since February, though came off tightest level of 137.5bps in the last hour of the session, as Bund yields made a sharp move lower.

Closing levels:

  • Germany: The 2-Yr yield is down 1bps at -0.657%, 5-Yr is down 2.4bps at -0.653%, 10-Yr is down 3bps at -0.451%, and 30-Yr is down 3.3bps at -0.014%.
  • UK: The 2-Yr yield is down 2.6bps at -0.042%, 5-Yr is down 3.1bps at -0.046%, 10-Yr is down 2.7bps at 0.216%, and 30-Yr is down 2.7bps at 0.774%.

10-Yr Periphery EGB Spreads:

  • Italian BTP spread down 2.7bps at 138.1bps
  • Spanish bond spread down 0.1bps at 77.7bps
  • Portuguese PGB spread up 0.5bps at 79.8bps
  • Greek bond spread up 0.4bps at 155.9bps
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