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EGBs-GILTS CASH CLOSE: Gilts Outperform Bunds As PMIs Diverge

BONDS

Gilts outperformed Bunds Tuesday as flash PMI outcomes diverged, while periphery EGBs outperformed their core counterparts as ECB hike pricing moderated.

  • The flash Eurozone composite PMI was in positive territory in January for the first time since June, while the UK's contracted more than expected, led by a weak services reading.
  • There was no particular trigger for the very strong afternoon rally across EGBs (especially given the US PMIs surprised to the upside), which brought yields to session lows, from their session highs mid-afternoon.
  • However, it came as ECB hike pricing slid a few basis points with Exec Board's Panetta saying there was not necessarily a commitment to another 50bp hike in March. BTPs outperformed alongside that repricing.
  • UK PPI and German IFO are Wednesday's early releases.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is down 5.4bps at 2.544%, 5-Yr is down 5.2bps at 2.189%, 10-Yr is down 5.1bps at 2.155%, and 30-Yr is down 6.2bps at 2.111%.
  • UK: The 2-Yr yield is down 8.7bps at 3.378%, 5-Yr is down 9.7bps at 3.172%, 10-Yr is down 8.3bps at 3.277%, and 30-Yr is down 9bps at 3.622%.
  • Italian BTP spread down 6.1bps at 176.1bps / Spanish down 2.2bps at 94.6bps
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