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EGBs-GILTS CASH CLOSE: Gilts Underperform To Cap A Busy Week

BONDS

Bunds and Gilts were dragged lower by US Treasuries Friday in a session that - in keeping with the week as a whole - saw sizeable directional moves in core FI.

  • The UK and German curves bear steepened. Periphery spreads traded mixed.
  • Gilts underperformed, but both they and German instruments weakened in the afternoon following a very strong US retail sales report which pushed Treasury yields higher.
  • Otherwise few catalysts in Europe: ECB speakers (Centeno, Wunsch, Villeroy weren't market movers); no BoE speakers or tier 1 data releases. The primary headline was that Germany's SPD, Greens and FDP have a tentative deal to form a government.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is up 1bps at -0.682%, 5-Yr is up 1.8bps at -0.519%, 10-Yr is up 2.3bps at -0.168%, and 30-Yr is up 4.2bps at 0.28%.
  • UK: The 2-Yr yield is up 6.4bps at 0.578%, 5-Yr is up 6.7bps at 0.766%, 10-Yr is up 6.1bps at 1.103%, and 30-Yr is up 8.7bps at 1.376%.
  • Italian BTP spread up 1.4bps at 103.8bps / Spanish down 0.1bps at 62.6bps
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