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EGBs-GILTS CASH CLOSE: Bull Flattening As Brexit Talks Hit "Final Hours"

BONDS

Gilts rallied with bull flattening in the curve as traders took heed of warnings on both sides of the Channel that we were entering the "final hours" of talks to avert a no-deal Brexit.

  • Bunds had bear steepened in the morning but this eventually reversed on Brexit's gravity.
  • Periphery spreads traded wider.
  • After such a busy week, it's a relatively thin schedule for the upcoming week ahead of the Christmas holiday - most attention will be on Brexit.

Closing Levels / 10-Yr Periphery EGB Spreads:

  • Germany: The 2-Yr yield is unchanged at -0.725%, 5-Yr is up 0.2bps at -0.744%, 10-Yr is down 0.1bps at -0.571%, and 30-Yr is down 0.5bps at -0.16%.
  • UK: The 2-Yr yield is down 3.3bps at -0.084%, 5-Yr is down 3.6bps at -0.042%, 10-Yr is down 3.8bps at 0.249%, and 30-Yr is down 4.1bps at 0.806%.
  • Italian BTP spread up 2.6bps at 113.6bps
  • Spanish bond spread up 1.7bps at 61.6bps/Portuguese spread up 2.5bps at 60.6bps

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