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EGBs-GILTS CASH CLOSE: Gilts Rally After BoE Operation

BONDS

The German curve bear flattened but Gilts enjoyed flattening of the bull variety Tuesday, while periphery EGB spreads tightened.

  • Supply was the theme of the morning, including the EU selling E12bln of 15-Yr Green bond via syndication (>E135bln books), and Dutch, Gilt and Schatz auctions.
  • And in the afternoon, Gilts rallied following a low offer-to-cover at the BoE's long-dated APF operation (30Y yields fell 6bp from that point on).
  • The US's return from a holiday Monday helped exacerbate global moves in the afternoon.
  • Earlier, UK labor market data came in strong, on balance.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is up 0.9bps at -0.662%, 5-Yr is up 3.8bps at -0.465%, 10-Yr is up 3.5bps at -0.086%, and 30-Yr is up 1.9bps at 0.376%.
  • UK: The 2-Yr yield is down 3.2bps at 0.563%, 5-Yr is down 3.1bps at 0.777%, 10-Yr is down 4bps at 1.148%, and 30-Yr is down 7.1bps at 1.448%.
  • Italian BTP spread down 2.5bps at 101.2bps / Greek down 2.3bps at 102.4bps
HomepageBond Market NewsBulletMarketsFixed Income Bullets
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