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EGBs-GILTS CASH CLOSE: Following The US's Lead Again

BONDS

Bund and Gilt yields spiked to/near session highs following a much stronger-than-expected US employment report, but finished toward the middle/bottom of the day's range after settling down over the course of the afternoon.

  • Gilts once again underperformed; periphery spreads ended a little wider.
  • The morning was quiet, apart from European cash FI catching up with the overnight bearish moves in Tsys following Fed Chair Powell's not-dovish-enough comments.
  • In data, German Jan factory orders came in stronger than expected.
  • Next week's highlight is the ECB monetary policy decision on Thursday.

Closing yields/10-Yr Spreads to Bunds:

  • Germany: The 2-Yr yield is down 0.4bps at -0.69%, 5-Yr is up 0.5bps at -0.615%, 10-Yr is up 0.9bps at -0.302%, and 30-Yr is up 0.7bps at 0.209%.
  • UK: The 2-Yr yield is up 2bps at 0.1%, 5-Yr is up 2.4bps at 0.366%, 10-Yr is up 2.5bps at 0.756%, and 30-Yr is up 0.4bps at 1.287%.
  • Italian BTP spread up 0.5bps at 105.6bps / Spanish spread up 0.5bps at 69.5bps
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