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EGBs-GILTS CASH CLOSE: UK Yields Close On Lows Ahead Of BoE

BONDS

The European FI space has moved more or less in line with global risk appetite and data. Strong Eurozone PMIs in the morning, and weak U.S. retail sales in the afternoon, helped move the needle for core FI weaker and stronger, respectively.

  • BTP spreads tightened as risk appetite was generally positive (equities +, EUR and GBP hitting post-2018 highs).
  • There remains some optimism on a Brexit deal soon, but headlines have been mixed as ever, and longer-dated Gilt yields ended the day up but at/near session lows. Of course contributing to Gilt uncertainty is Thursday's Bank of England meeting - contact us if you haven't seen our preview.

Closing Levels / 10-Yr Periphery EGB Spreads:

  • Germany: The 2-Yr yield is up 3.1bps at -0.725%, 5-Yr is up 4.3bps at -0.744%, 10-Yr is up 4.4bps at -0.567%, and 30-Yr is up 3.9bps at -0.162%.
  • UK: The 2-Yr yield is down 2.3bps at -0.077%, 5-Yr is down 0.2bps at -0.031%, 10-Yr is up 1.2bps at 0.272%, and 30-Yr is up 0.8bps at 0.834%.
  • Italian BTP spread down 2.7bps at 110.3bps
  • Spanish bond spread down 0.4bps at 59bps / Portuguese up 0.6bps at 56.1bps
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