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EGBs-GILTS CASH CLOSE: Front-End UK Rates Continue To Fall Post-BoE

BONDS

The standout move to end a volatile week was a rally in the UK short-end, as BoE rate hikes continued to be priced out following a more dovish-than-expected meeting Thursday.

  • Amid a bull flattening move on the Gilt curve, 2Y UK yields fell sharply, and are now off around 25bp vs pre-BoE. MNI's BoE Review explains some of the reasons why the BoE may hike less than markets are pricing.
  • Equities were fairly flat on the day, and periphery spreads likewise.
  • The German curve was fairly flat, Bobl modestly outperformed - fairly light volumes overall, especially by comparison to recent sessions.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is unchanged at -0.338%, 5-Yr is down 1.3bps at 0.09%, 10-Yr is down 1.2bps at 0.373%, and 30-Yr is unchanged at 0.561%.
  • UK: The 2-Yr yield is down 8.9bps at 1.209%, 5-Yr is down 7.9bps at 1.244%, 10-Yr is down 6.8bps at 1.497%, and 30-Yr is down 4.3bps at 1.743%.
  • Italian BTP spread up 0.1bps at 151.9bps / Spanish up 0.1bps at 94.4bps
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