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EGBs-GILTS CASH CLOSE: Gilts Weaker, Bunds Mixed On Supply

BONDS

Thursday saw weakness in Gilts with bear steepening in the curve, though fairly directionless trade in Bunds, with a generally risk-on tone prevailing.

  • Another day of large supply weighed on EGBs in the morning with France and Spain selling a combined EUR17bn of bonds/linkers at auction. Periphery spreads little changed.
  • Strong German factory data this morning, with Eurozone/Italy inflation largely in line. Friday sees Eurozone industrial production data.

Closing Levels / 10-Yr Periphery EGB Spreads:

  • Germany: The 2-Yr yield is down 0.2bps at -0.704%, 5-Yr is down 0.5bps at -0.734%, 10-Yr is down 0.2bps at -0.522%, and 30-Yr is up 0.6bps at -0.131%.
  • UK: The 2-Yr yield is down 0.1bps at -0.135%, 5-Yr is up 2.2bps at -0.056%, 10-Yr is up 4.1bps at 0.284%, and 30-Yr is up 5bps at 0.873%.
  • Italian BTP spread down 0.7bps at 108bps
  • Spanish bond spread unchanged at 56.6bps
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