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EGBs-GILTS CASH CLOSE: Bund Yields Close Above Zero

BONDS

The week began with sharp rises in UK and German yields, with the short-end and belly bearing most of the brunt as markets eye rising rate hike risks.

  • Several factors behind today's rise in yields, including: market-positive political developments in Italy and Portugal, higher than expected inflation readings in Spain / Germany, some continued central bank hike repricing post-Fed, and of course, the looming BoE/ECB meetings this Thursday.
  • Multi-year high yields hit across multiple instruments, including Bund (first close above 0% since May 2019), Bobl (Nov 2018)
  • Euribor and Short Sterling strips also suffered: 2022 rate hike pricing now roughly totals 25bps for the ECB and 125bps for the BoE.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is up 7.9bps at -0.528%, 5-Yr is up 8.5bps at -0.22%, 10-Yr is up 5.6bps at 0.011%, and 30-Yr is up 3.8bps at 0.277%.
  • UK: The 2-Yr yield is up 7.7bps at 1.045%, 5-Yr is up 6.3bps at 1.133%, 10-Yr is up 5.8bps at 1.302%, and 30-Yr is up 7.8bps at 1.448%.
  • Italian BTP spread down 4.5bps at 128.3bps / Portuguese down 1.1bps at 65.4bps
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