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EGBs-GILTS CASH CLOSE: Early Rally Peters Out

BONDS

Bund and Gilt yields finished well off their session lows Wednesday, with periphery EGB spreads likewise re-widening.

  • Soft UK PPI data helped Gilts rally early, with BoE hike expectations dialled back and end-year cut pricing picking up.
  • Hawkish commentary from ECB's Vasle, Makhlouf, and Nagel helped turn yields higher in early afternoon.
  • After briefly ticking higher in mid-afternoon as the Bank of Canada signalled it was pausing its hiking cycle, the sell-off resumed.
  • 10Y BTP spreads to Bunds fell below 174bp in the morning, but headed above 180bp in the afternoon amid the broader sell-off.
  • Fairly limited data and speaker slate Thursday.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is down 1.5bps at 2.529%, 5-Yr is down 1.3bps at 2.176%, 10-Yr is up 0.3bps at 2.158%, and 30-Yr is up 1.6bps at 2.127%.
  • UK: The 2-Yr yield is up 2.9bps at 3.407%, 5-Yr is down 3.9bps at 3.133%, 10-Yr is down 3.4bps at 3.243%, and 30-Yr is down 2.9bps at 3.593%.
  • Italian BTP spread up 3bps at 179.1bps / Spanish up 0.9bps at 95.3bps
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