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BONDS: EGBs-GILTS CASH CLOSE: Bull Steeper On Late Rally

BONDS
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A late rally in global bonds saw core European curves lean bull steeper modestly Thursday.

  • Yields were mixed in early trade but leaned higher, with Spanish and French supply helping weigh.
  • But those auctions were digested smoothly and weakness was pared by after Treasury Secretary Bessent noted no immediate plans to extend the maturity profile of US government bonds.
  • Subsequently, a risk-off rally in core EGBs/Gilts following news that a Ukraine-U.S. press conference had been cancelled saw core yields hit session lows as equities pulled back sharply.
  • Implied ECB cut pricing for the remainder of 2025 increased 2bp on the day (74bp); BOE was flat at 52bp - at one point earlier in the session, implied cuts had been pared by about 2bp apiece.
  • Mirroring the above moves, periphery EGB spreads closed flat/slightly tighter. French OAT spreads widened modestly.
  • Friday's focus will be flash February PMIs, though we also get significant UK-specific data in the form of retail sales and public sector borrowing. There is also an appearance by ECB's Lane.

Closing Yields / 10-Yr EGB Spreads To Germany:

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A late rally in global bonds saw core European curves lean bull steeper modestly Thursday.

  • Yields were mixed in early trade but leaned higher, with Spanish and French supply helping weigh.
  • But those auctions were digested smoothly and weakness was pared by after Treasury Secretary Bessent noted no immediate plans to extend the maturity profile of US government bonds.
  • Subsequently, a risk-off rally in core EGBs/Gilts following news that a Ukraine-U.S. press conference had been cancelled saw core yields hit session lows as equities pulled back sharply.
  • Implied ECB cut pricing for the remainder of 2025 increased 2bp on the day (74bp); BOE was flat at 52bp - at one point earlier in the session, implied cuts had been pared by about 2bp apiece.
  • Mirroring the above moves, periphery EGB spreads closed flat/slightly tighter. French OAT spreads widened modestly.
  • Friday's focus will be flash February PMIs, though we also get significant UK-specific data in the form of retail sales and public sector borrowing. There is also an appearance by ECB's Lane.

Closing Yields / 10-Yr EGB Spreads To Germany:

Keep reading...Show less