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EGBs-GILTS CASH CLOSE: Front-End Yields Crash On Global Growth Fears

BONDS

European yields collapsed Thursday with many instruments hitting the best levels in 3 months, led by the front end as the rally post-Fed carried through with a disappointing US GDP figure today.

  • Growth'/recession fears outweighed higher-than-expected German inflation data.
  • Schatz saw one of their biggest-ever rallies (nearly 20bp lower on the session). Gilts were stronger but lagged the Bund rally, with the UK/German 10Y spread testing the April peak.
  • Periphery spreads tightened slightly with an easier monetary outlook providing relief.
  • Friday sees a slew of data including multiple Eurozone preliminary July CPI reports and Euro area preliminary Q2 GDP.

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

  • Germany: The 2-Yr yield is down 19.6bps at 0.248%, 5-Yr is down 18.5bps at 0.523%, 10-Yr is down 12bps at 0.826%, and 30-Yr is down 8.9bps at 1.109%.
  • UK: The 2-Yr yield is down 16.3bps at 1.719%, 5-Yr is down 13.8bps at 1.594%, 10-Yr is down 9.3bps at 1.868%, and 30-Yr is down 8.6bps at 2.438%.
  • Italian BTP spread down 3.5bps at 234.7bps / Spanish down 2.9bps at 116.4bps
HomepageBond Market NewsBulletMarketsFixed Income Bullets
HomepageBond Market NewsBulletMarketsFixed Income Bullets

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