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EGBs-GILTS CASH CLOSE: Busy, Bullish Pre-ECB Session

BONDS

A strong and busy afternoon for European govvies ahead of Thursday's ECB decision, with a US Treasury rally helping drive Bund and Gilt yields lower in a bull flattening move.

  • Several potential reasons (though no singular one) for the rally, including short-covering / position squaring ahead of ECB. Stop-outs appeared to conclude around 1500BST, after which yields retraced a bit higher.
  • Same moves in periphery yields as Tuesday: BTPs outperformed, while Greece (which tapped 10-Yr GGB via syndication, size E2.5bln) underperformed early before recovering.
  • Supply elsewhere included Germany (Bund, EUR1.26bn allotted), Portugal (OTs, EUR1.0bn), UK (GBP1.0bln of linkers).
  • Nothing on Thursday's docket until the ECB decision.

Closing German/UK Yields And 10-Yr Spreads To Germany

  • Germany: The 2-Yr yield is down 0.7bps at -0.676%, 5-Yr is down 1.5bps at -0.615%, 10-Yr is down 2bps at -0.244%, and 30-Yr is down 1.5bps at 0.312%.
  • UK: The 2-Yr yield is down 0.9bps at 0.058%, 5-Yr is down 2bps at 0.309%, 10-Yr is down 4bps at 0.73%, and 30-Yr is down 4.3bps at 1.266%.
  • Italian BTP spread down 1.2bps at 107.3bps / Greek spread down 1bps at 107.8bps
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