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EGBs-GILTS CASH CLOSE: Flatter As Hike Expectations Rise

BONDS

European yields retreated from early highs in the afternoon, with periphery EGB spreads generally wider.

  • EGBs flattened in early trade as ECB's Villeroy saying he was eyeing EUR weakness, and expected June's meeting to be "decisive" for normalising policy. 2022 ECB hike expectations closed at fresh highs.
  • BTP spreads pushed higher (10Y nearing 195bp) on those remarks, though narrowed over the course of the session. Greece underperformed.
  • Gilts strengthened but the short-end underperformed as BoE TSC testimony highlighted familiar themes on growth and inflation concerns.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany:

  • Germany: The 2-Yr yield is up 3bps at 0.136%, 5-Yr is up 0.7bps at 0.606%, 10-Yr is down 1.1bps at 0.937%, and 30-Yr is down 1.9bps at 1.104%.
  • UK: The 2-Yr yield is down 1.2bps at 1.237%, 5-Yr is down 1.9bps at 1.363%, 10-Yr is down 1.4bps at 1.73%, and 30-Yr is down 2.1bps at 1.977%.
  • Italian BTP spread up 0.2bps at 190.6bps / Greek up 5.8bps at 259.7bps
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