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EGBs-GILTS CASH CLOSE: BTPs Shine; Gilts Underperform On Fiscal Boost

BONDS

BTP yields dropped sharply Thursday, with 10Y spreads falling well below the 200bp to Bund mark amid a broad global risk rally.

  • The UK and German curves bear steepened, with Gilts underperforming out to 10Y.
  • The main (unscheduled) event of the day was the UK government's announcement of financial assistance to households to mitigate higher energy costs.
  • BoE hiking bets inched higher (end-2022 to up 5bp to 2.20%) given the fiscal boost to GDP / household incomes.

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

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BTP yields dropped sharply Thursday, with 10Y spreads falling well below the 200bp to Bund mark amid a broad global risk rally.

  • The UK and German curves bear steepened, with Gilts underperforming out to 10Y.
  • The main (unscheduled) event of the day was the UK government's announcement of financial assistance to households to mitigate higher energy costs.
  • BoE hiking bets inched higher (end-2022 to up 5bp to 2.20%) given the fiscal boost to GDP / household incomes.

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

Keep reading...Show less