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EGBs-GILTS CASH CLOSE: BTP Spreads Wider On Risk-Off Move

BONDS

Core European FI yields rose while periphery spreads widened Monday, in a volume-thinned session due to the US market holiday.

  • German and UK yields looked set for another Ukraine-Russia induced drop, but rebounded cautiously in early afternoon as markets again weighed potential for de-escalation.
  • Earlier, strong flash PMI data across Europe had pushed yields higher (and probably kept a floor on the intraday rally).
  • The big mover was BTP: spreads continued their steady rise from Friday morning on the broader risk-off move (Eurostoxx futures hit lowest since Oct 2021).

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is up 2.4bps at -0.454%, 5-Yr is up 2.5bps at -0.048%, 10-Yr is up 1.4bps at 0.206%, and 30-Yr is up 0.3bps at 0.474%.
  • UK: The 2-Yr yield is up 1.9bps at 1.284%, 5-Yr is up 2.1bps at 1.302%, 10-Yr is up 3bps at 1.408%, and 30-Yr is up 2.6bps at 1.492%.
  • Italian BTP spread up 5.8bps at 170.5bps / Spanish up 2.6bps at 103.7bps
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