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EGBs-GILTS CASH CLOSE: Geopolitics Keep Safe Havens Bid

BONDS

The safe haven bid was alive and well going into the European weekend, with Ukraine-Russia flashpoints underpinning Bunds and Gilts.

  • Unlike Thursday though, periphery EGBs failed to keep pace, with BTPs underperforming amid renewed spread widening.
  • Once again, the drop in UK short-end yields was steady throughout the session, with the curve modestly flattening; Bobl outperformed in Germany.
  • After the cash close, headlines broke that the ECB would hold an "informal" meeting in Paris on Feb 24. Bund futures hit the highest level since Feb 4 though ticked higher rather than a sharp move as the implications were unclear.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is down 4.9bps at -0.478%, 5-Yr is down 5.6bps at -0.073%, 10-Yr is down 3.9bps at 0.192%, and 30-Yr is down 3.2bps at 0.471%.
  • UK: The 2-Yr yield is down 7bps at 1.265%, 5-Yr is down 7.3bps at 1.281%, 10-Yr is down 8.5bps at 1.378%, and 30-Yr is down 8bps at 1.466%.
  • Italian BTP spread up 4.3bps at 164.7bps / Spanish up 2.5bps at 101.1bps
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