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EGBs-GILTS CASH CLOSE: Gilts Underperform With BoE Ahead

BONDS

Gilts and Bunds weakened Wednesday with some bear steepening.

  • Periphery spreads widened, with the exception of Greece - which sold E3bln of new 5-Yr EUR benchmark via syndication; GGBs outperformed on the session as guidance tightened.
  • Gilts underperformed, ahead of the BoE decision Thursday.
  • Supply weighed on Gilts somewhat. In auctions, Germany allotted E3.3bn of Bobl and the UK sold combined GBP4.75bln of Jul-31 and Jan-46 Gilt.
  • Data held some sway over price action, with Spanish services PMI beat and Italian miss alternatively weighing on / boosting EGBs, and later, US ISM Services missing estimates boosted core bonds.

Closing yields/10-Yr Spreads to Bunds:

  • Germany: The 2-Yr yield is up 0.2bps at -0.695%, 5-Yr is up 0.4bps at -0.603%, 10-Yr is up 1bps at -0.228%, and 30-Yr is up 1.6bps at 0.331%.
  • UK: The 2-Yr yield is up 0.7bps at 0.054%, 5-Yr is up 1bps at 0.359%, 10-Yr is up 2.4bps at 0.819%, and 30-Yr is up 3.6bps at 1.326%.
  • Italian BTP spread up 2.7bps at 112.6bps/ Greek spread down 3.6bps at 120.6bps
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