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EGBs-GILTS CASH CLOSE: BTPs Steal The Show Pre-ECB

BONDS

BTP spreads finished sharply wider Wednesday, reversing earlier tightening as the fate of the Draghi gov't was set to be decided after market close.

  • 10Y BTP/Bund spreads hit a high of 218.6bp (up 8+bp on the day) after falling to under 194bp at one point early as it appeared PM Draghi would stay on. The confidence vote is due around 1845CET.
  • Bunds outperformed Gilts through the 5Y segment; but vice-versa further down.
  • The ECB decision will take focus Thursday: markets pulled back 50bp hike pricing slightly as the events in Rome developed, but show about a 60/40% split between 25bp/50bp.

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

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BTP spreads finished sharply wider Wednesday, reversing earlier tightening as the fate of the Draghi gov't was set to be decided after market close.

  • 10Y BTP/Bund spreads hit a high of 218.6bp (up 8+bp on the day) after falling to under 194bp at one point early as it appeared PM Draghi would stay on. The confidence vote is due around 1845CET.
  • Bunds outperformed Gilts through the 5Y segment; but vice-versa further down.
  • The ECB decision will take focus Thursday: markets pulled back 50bp hike pricing slightly as the events in Rome developed, but show about a 60/40% split between 25bp/50bp.

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

Keep reading...Show less