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EGBs-GILTS CASH CLOSE: Gilts Underperform Bunds Again

BONDS

Gilts underperformed Bunds again, with the long end of both the UK and German curves weakening, despite weaker equities, and some anticipation that large month-end extensions would be supportive.

  • The spread of 10Y Gilts/Bunds hit a fresh 5-year high, as yields hit fresh multi-month highs.
  • Meanwhile periphery EGBs traded mixed, with Italy and Spain spreads widening, and Greece and Portugal tightening.
  • Eurozone CPI data (France, Italy, Germany) was largely in line w expectations albeit mostly at multi-year highs, while UK Q2 GDP was revised up 0.7pp to 5.5%.
  • Final Eurozone PMIs feature Friday.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is unchanged at -0.688%, 5-Yr is up 0.1bps at -0.557%, 10-Yr is up 1.2bps at -0.201%, and 30-Yr is up 2.4bps at 0.275%.
  • UK: The 2-Yr yield is up 0.4bps at 0.409%, 5-Yr is up 1.1bps at 0.636%, 10-Yr is up 3bps at 1.021%, and 30-Yr is up 3.7bps at 1.372%.
  • Italian BTP spread up 1.9bps at 105.6bps / Spanish up 0.8bps at 65.9bps
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