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EGBs-GILTS CASH CLOSE: Great Rate Debate Continues

BONDS

Tuesday's theme was reassessing Monday's hawkish BoE and ECB rate hike repricings.

  • The morning session saw a retracement higher in Short Sterling contracts (with yields in the Gilt curve short-end retreating), but this reversed over the course of the session.
  • Indeed, front Euribor contracts moved to post-2020 lows, until ECB Chief Econ Lane pushed back against market hike pricing, saying it was challenging to reconcile w ECB forward guidance.
  • While the long-end was not impacted, front Euribor jumped a few ticks and 2Y German yields fell 1.8bp following the comments.
  • Also Tuesday, 30-year gilt yields dropped as DMO said the 30-year green gilt syndication will not take place today but later in the week (MNI now sees it Thursday).

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is up 0.2bps at -0.625%, 5-Yr is up 2.1bps at -0.44%, 10-Yr is up 4.2bps at -0.106%, and 30-Yr is up 5.9bps at 0.296%.
  • UK: The 2-Yr yield is up 1bps at 0.733%, 5-Yr is up 1.7bps at 0.86%, 10-Yr is up 3.3bps at 1.169%, and 30-Yr is down 0.1bps at 1.372%.
  • Italian BTP spread up 0.6bps at 105.4bps / Spanish down 0.2bps at 63.4bps
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