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EGBs-GILTS CASH CLOSE: Gilt Curve Continues To Bull Steepen

BONDS

A quieter session to end the week compared with Thursday, with Bund and Gilt yields slightly lower on the day. Periphery EGB spreads a little wider led by Spain and Portugal, both of which are subject to ratings reviews after hours today (we also get the EU and Belgium).

The UK curve continued to bull steepen albeit modestly as the dovish BoE decision Thursday continued to be digested (contact us if you haven't seen MNI's BoE review). Closing levels:

  • Germany: The 2-Yr yield is up 0.3bps at -0.696%, 5-Yr is up 0.2bps at -0.689%, 10-Yr is up 0.6bps at -0.485%, and 30-Yr is up 1bps at -0.039%.
  • UK: The 2-Yr yield is down 0.6bps at -0.113%, 5-Yr is down 0.6bps at -0.126%, 10-Yr is down 0.2bps at 0.183%, and 30-Yr is down 0.3bps at 0.75%.

10-Yr Periphery EGB Spreads:

  • Italian BTP spread up 0.2bps at 144.7bps
  • Spanish bond spread up 1.5bps at 77bps
  • Portuguese PGB spread up 1bps at 78.6bps
  • Greek bond spread down 0.1bps at 156.3bps
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BulletMarketsFixed Income Bullets

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