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EGBs-GILTS CASH CLOSE: Early Reprieve Fades In Late Trade

BONDS

German and UK yields ended up higher Friday following an early reprieve, as global core FI sold off in the afternoon.

  • The Gilt curve bear flattened while the German curve bear steepened (reversing early flattening).
  • No obvious drivers of late weakness, looked to be a resumption of Thursday afternoon's post-US CPI bearish price action in sympathy with Tsys.
  • Periphery EGB yields widened for yet another session, as central bank tightening remained the focus, though finished off early wides.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is up 1bps at -0.321%, 5-Yr is up 0.3bps at 0.086%, 10-Yr is up 1.6bps at 0.3%, and 30-Yr is up 2.3bps at 0.497%.
  • UK: The 2-Yr yield is up 5.8bps at 1.42%, 5-Yr is up 3.3bps at 1.442%, 10-Yr is up 2.7bps at 1.551%, and 30-Yr is up 1.1bps at 1.624%.
  • Italian BTP spread up 5.5bps at 166.2bps / Greek bond spread up 4.3bps at 233.6bps
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