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EGBs-GILTS CASH CLOSE: Gilts Outperform With ECB Hawkishness In Focus

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BulletMarketsFixed Income NewsHomepage

GIlts easily outperformed Bunds to start the week, with EGB periphery spreads trading mixed.

  • With US markets closed for a holiday, and limited European data and central bank speakers, volumes were subdued.
  • After trading steadily for most of the session, Bunds weakened in mid-afternoon into the close, following some moderately hawkish comments by ECB's Rehn.
  • ECB hike expectations edged a few basis points higher, with the terminal rate seen above 3.7% by September (Of note, Goldman upped their peak call 25bp to 3.50% today as well.)
  • Conversely, Gilts held up well with bull steepening in the curve, amid a strong APF sales operation with high bid-to-cover.
  • February Flash PMIs are the expected highlight Tuesday.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

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GIlts easily outperformed Bunds to start the week, with EGB periphery spreads trading mixed.

  • With US markets closed for a holiday, and limited European data and central bank speakers, volumes were subdued.
  • After trading steadily for most of the session, Bunds weakened in mid-afternoon into the close, following some moderately hawkish comments by ECB's Rehn.
  • ECB hike expectations edged a few basis points higher, with the terminal rate seen above 3.7% by September (Of note, Goldman upped their peak call 25bp to 3.50% today as well.)
  • Conversely, Gilts held up well with bull steepening in the curve, amid a strong APF sales operation with high bid-to-cover.
  • February Flash PMIs are the expected highlight Tuesday.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

Keep reading...Show less