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EGBs-GILTS CASH CLOSE: Early Weakness Fades Ahead Of UK Data

BONDS

The UK curve bear flattened while Germany's twist steepened Monday, amid limited trading ranges in Bund and Gilt yields in a US holiday-thinned session.

  • Core FI sold off early in the session on no particular catalyst, potentially in a continuation of the profit-taking and position squaring seen late last week. Yields then fell steadily for most of the session.
  • BTP spreads narrowed from early wides, with 10Y closing flat to Bunds.
  • BoE's Bailey told Parliament of risks of inflation not dropping as fast as expected due to supply side factors (China reopening, UK labour force constraints), though his comments had little discernable market impact.
  • Likewise, little immediate reaction to ECB's/Finland's Rehn calling for "significant" hikes at the upcoming ECB meetings.
  • UK data takes centre stage with jobs data early Tuesday, and CPI Wednesday.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is down 2.7bps at 2.566%, 5-Yr is down 1.2bps at 2.19%, 10-Yr is up 0.7bps at 2.175%, and 30-Yr is up 1.3bps at 2.147%.
  • UK: The 2-Yr yield is up 2.7bps at 3.516%, 5-Yr is up 0.7bps at 3.312%, 10-Yr is up 1.8bps at 3.384%, and 30-Yr is up 0.3bps at 3.727%.
  • Italian BTP spread unchanged at 184.3bps / Spanish down 0.9bps at 98.9bps
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