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EGBs-GILTS CASH CLOSE: Gilts Underperform Amid Safe Haven Move

BONDS

Gilts reversed early gains but Bunds held up Thursday as equities came off afternoon lows. Curves ended the session flatter, with periphery spreads a little wider.

  • Most of the price action in the session was safe-haven driven. 10Y Bund yields fell by 8+bp (and 13bp at one point), the most in a week.
  • There was little market reaction to the ECB April meeting account release, as nothing to dissuade market consensus for a July rate hike.
  • Indeed, neither BoE nor ECB rate pricing changed much on the session.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany:

  • Germany: The 2-Yr yield is down 2bps at 0.372%, 5-Yr is down 4.5bps at 0.692%, 10-Yr is down 8.1bps at 0.949%, and 30-Yr is down 7.8bps at 1.07%.
  • UK: The 2-Yr yield is up 3.2bps at 1.491%, 5-Yr is up 0.3bps at 1.586%, 10-Yr is unchanged at 1.865%, and 30-Yr is up 0.1bps at 2.094%.
  • Italian BTP spread up 2.3bps at 195.5bps / Greek up 3.9bps at 259.9bps
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