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EGBs-GILTS CASH CLOSE: ECB Talk Calms Yields

BONDS

EGBs recovered some of the substantial ground lost Thursday, helped by multiple ECB officials (Lane and Schnabel in the morning, Stournaras in the afternoon) making soothing remarks on the outlook for Eurozone monetary policy.

  • The German curve bull flattened in strong fashion (5s30s at 2-week low).
  • Conversely, the UK curve out to 10 years weakened, failing to partake in the the global rally, hurt by comments on upside inflation risks by BOE's Haldane.
  • Some PMI data and inflation figures in focus for next week; Monday's speakers include ECB's de Guindos and Villeroy.

Closing yields/10-Yr Spreads to Bunds:

  • Germany: The 2-Yr yield is down 1.1bps at -0.663%, 5-Yr is down 2.3bps at -0.568%, 10-Yr is down 2.8bps at -0.26%, and 30-Yr is down 5bps at 0.194%.
  • UK: The 2-Yr yield is up 2.1bps at 0.128%, 5-Yr is up 3.4bps at 0.4%, 10-Yr is up 3.6bps at 0.82%, and 30-Yr is down 0.3bps at 1.386%.
  • Italian BTP spread down 1bps at 102.1bps / Spanish spread down 2.5bps at 68.3bps
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