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EGBs-GILTS CASH CLOSE: Bunds/Gilts Steepen; Periphery Spreads Flat

BONDS

The UK and German curves bear steepened Thursday as equities came back from session lows (mainly on optimism of a US fiscal stimulus deal). Italian spreads stayed fairly flat throughout the session, with issuance of new 30-Yr via syndication offset by buyback of shorter-term BTPs in swap operation.

On Friday, focus will be on UK Sep retail sales, German IFO, and European flash October PMIs.

Closing Levels / 10-Yr Periphery EGB Spreads:

  • Germany: The 2-Yr yield is up 0.8bps at -0.765%, 5-Yr is up 1.5bps at -0.773%, 10-Yr is up 2.2bps at -0.566%, and 30-Yr is up 2.9bps at -0.145%.
  • UK: The 2-Yr yield is up 2.1bps at -0.027%, 5-Yr is up 2.5bps at -0.025%, 10-Yr is up 4.2bps at 0.284%, and 30-Yr is up 4.3bps at 0.853%.
  • Italian BTP spread down 0.1bps at 136.9bps
  • Spanish bond spread down 0.3bps at 78.9bps
  • Portuguese PGB spread down 0.5bps at 76.7bps
  • Greek bond spread down 0.3bps at 150.2bps
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