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EGBs-GILTS CASH CLOSE: Cheaper To Start A Busy Week

BONDS

Gilts underperformed Bunds Monday for the first time in 4 sessions, with both the UK and German curves bear steepening to start the week.

  • With a limited set of macro data on the European schedule, core FI cheapened alongside global counterparts following hawkish tones overnight from BoJ's Ueda.
  • Overall though the ECB decision and US inflation data loomed over a fairly cautious session, with supply pressures also weighing including Dutch and German supply up Tuesday (EU today also announced 7Y supply).
  • BoE's Mann burnished her hawkish credentials, saying that the BoE should err toward overtightening.
  • Periphery EGB spreads widened - GGBs modestly outperformed on the back of DBRS’ upgrading Greece to investment grade on Friday.
  • Attention turns to UK labour market data which is out first thing Tuesday morning in which evidence of further wage persistence will be eyed - MNI's preview is here.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is up 1.6bps at 3.097%, 5-Yr is up 1.8bps at 2.633%, 10-Yr is up 2.5bps at 2.635%, and 30-Yr is up 3.3bps at 2.768%.
  • UK: The 2-Yr yield is up 1.6bps at 5.085%, 5-Yr is up 3.4bps at 4.697%, 10-Yr is up 4.4bps at 4.467%, and 30-Yr is up 6.5bps at 4.769%
  • Italian BTP spread up 1.8bps at 175.7bps / Greek up 0.5bps at 135.9bps
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