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EGBs-GILTS CASH CLOSE: BTPs Hit March Wides To Bunds

BONDS

The German and UK curves twist steepened modestly Tuesday, with core yields closing within 1bp of Monday's close after several intraday changes in direction.

  • Yields opened the session wider in a continuation of the "higher for longer" rates theme, but fell sharply alongside weakness in oil prices, and a more sizeable-than-expected cut in Germany's Q4 issuance plan.
  • Meanwhile, BTP spreads closed at post-March wides, with another report (from Bloomberg) pointing to a sizeable upward revision in the 2024 fiscal deficit target to be unveiled Wednesday by the Italian coalition gov't.
  • Between Italy and broader risk-off (Eurostoxx down nearly 1%), other periphery spreads were dragged wider.
  • Gilts were largely a bystander to broader events, though relatively weak demand details at today's auction was of some note.
  • While there is some data Weds morning (eg German and French consumer confidence), attention is still firmly on the Eurozone September flash inflation data out Thursday and Friday - MNI's preview went out today (PDF link).

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is down 0.6bps at 3.231%, 5-Yr is up 0.6bps at 2.771%, 10-Yr is up 1bps at 2.808%, and 30-Yr is up 0.6bps at 3.004%.
  • UK: The 2-Yr yield is down 0.8bps at 4.808%, 5-Yr is down 0.3bps at 4.398%, 10-Yr is up 0.3bps at 4.326%, and 30-Yr is up 0.9bps at 4.805%.
  • Italian BTP spread up 7bps at 193.4bps / Spanish up 2.5bps at 109.7bps
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