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EGBs-GILTS CASH CLOSE: Gilts Underperform With Fed, EZ Inflation Awaited

BONDS

Wednesday saw Gilts weaken slightly, underperfoming Bunds / EGBs which broadly firmed. Periphery spreads widened very slightly.

  • Few headline / data drivers out today: the session's focus was mainly on a steadying in China/HK equities overnight following the recent rout - and of course Wednesday's pending Federal Reserve decision.
  • Confidence data for France and Italy was broadly in line with expectations. Supply this morning came from Germany (Bund, EUR1.79bn).
  • After the Fed this evening, attention will turn quickly to Thursday's prelim July inflation readings out of Germany and the Eurozone.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is down 1bps at -0.756%, 5-Yr is down 1.5bps at -0.737%, 10-Yr is down 0.9bps at -0.45%, and 30-Yr is unchanged at 0.037%.
  • UK: The 2-Yr yield is up 1bps at 0.086%, 5-Yr is up 1bps at 0.281%, 10-Yr is up 1.7bps at 0.575%, and 30-Yr is up 2.3bps at 0.995%.
  • Italian BTP spread up 0.2bps at 106.6bps / Spanish up 1bps at 72.3bps
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