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EGBs-GILTS CASH CLOSE: Energy Drives Reversal

BONDS

Wednesday saw a proverbial "story of two sessions" play out in European FI, with sharp weakness at the open giving way to a significant rally by the afternoon.

  • The price action largely centred around energy market dynamics: natgas prices soared to records early, weighing on equities and bonds, but soothing comments on supply by Russia's Putin led gas prices lower and equities/bonds to bounce.
  • Just as they underperformed on the energy price spike, Gilts outperformed on the reversal.
  • Periphery spreads widened, with Greece underperforming.
  • Supply came from the UK (GBP2.5bln Gilt) Germany (E4bln Bobl), Slovakia (E1bln via syndication).

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is up 0.2bps at -0.694%, 5-Yr is up 0.4bps at -0.549%, 10-Yr is up 0.6bps at -0.182%, and 30-Yr is up 0.9bps at 0.301%.
  • UK: The 2-Yr yield is up 1.7bps at 0.47%, 5-Yr is up 0.8bps at 0.691%, 10-Yr is down 1.3bps at 1.071%, and 30-Yr is down 2.1bps at 1.428%.
  • Italian BTP spread up 2.6bps at 107.4bps / Spanish up 0.5bps at 65.2bps
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HomepageBond Market NewsBulletMarketsFixed Income Bullets

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