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EGBs-GILTS CASH CLOSE: BTPs Soar

BONDS

EGB yields dropped by some of the most since early 2020 in a cross-asset rally (Eurostoxx hit all-time highs). Gilts underperformed Bunds. Bellies outperformed on the curve.

  • Some short-cover and profit taking was noted, with central bank rate hike pricing becoming a little less aggressive after a dovish RBA outcome and ahead of key Fed and BoE meetings.
  • Particularly notable were big rallies in periphery EGBs (BTP spreads tightened ~7bp) and semi-core (OATs in particular). Albeit on lighter volumes than seen in last week's sharp drops.
  • Not much on the calendar today: Italian PMIs impressed, while Spain's disappointed.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is down 5.5bps at -0.664%, 5-Yr is down 7.3bps at -0.474%, 10-Yr is down 6.1bps at -0.163%, and 30-Yr is up 0.7bps at 0.177%.
  • UK: The 2-Yr yield is down 2.4bps at 0.673%, 5-Yr is down 3bps at 0.814%, 10-Yr is down 2.2bps at 1.04%, and 30-Yr is up 3.4bps at 1.177%.
  • Italian BTP spread down 6.8bps at 124.7bps / Spanish down 3.4bps at 69.9bps
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