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EGBs-GILTS CASH CLOSE: Core FI Retraces Early Gains; BTPs Gain Again

BONDS

Bund and Gilt yields headed higher from early lows and BTP spreads booked another day of tightening. Mixed PMIs in the morning (weak on services in France and Germany, strong in the UK) appearing to swiftly be forgotten as equities gained over the session.

German IFO, SNB and Norges Bank decisions, alongside ECB's TLTRO-3 allotment and appearances by ECB's Lane and BoE's Bailey, highlight Thursday's docket.

Closing levels:

  • Germany: The 2-Yr yield is up 0.5bps at -0.708%, 5-Yr is down 0.8bps at -0.718%, 10-Yr is down 1bps at -0.515%, and 30-Yr is down 1.3bps at -0.068%.
  • UK: The 2-Yr yield is down 1bps at -0.06%, 5-Yr is down 0.5bps at -0.082%, 10-Yr is unchanged at 0.203%, and 30-Yr is up 0.6bps at 0.757%.

10-Yr Periphery EGB Spreads:

  • Italian BTP spread down 1.5bps at 135.6bps
  • Spanish bond spread down 1bps at 73bps
  • Portuguese PGB spread down 1bps at 75.3bps
  • Greek bond spread down 3.7bps at 152.5bps
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