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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:

  • Germany: The 2-Yr yield is up 1.6bps at 0.356%, 5-Yr is up 2.7bps at 0.682%, 10-Yr is up 4.6bps at 0.998%, and 30-Yr is up 8.4bps at 1.281%.
  • UK: The 2-Yr yield is up 2.3bps at 1.453%, 5-Yr is up 3.9bps at 1.599%, 10-Yr is up 5.8bps at 1.968%, and 30-Yr is up 6.9bps at 2.229%.
  • Italian BTP spread down 10.3bps at 189.8bps / Greek down 7.5bps at 254.4bps
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