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Free AccessEGBs-GILTS CASH CLOSE: Weak Afternoon
After some modest weakness in morning trade, Bunds and Gilts fell sharply Wednesday afternoon alongside US Treasuries.
- The bearish tone was set early with a pre-open beat on UK CPI, with some of Tuesday's post-US CPI global rally appearing to be reconsidered as the underlying inflation dynamics weren't particularly favourable for future Fed tightening prospects.
- The German curve steepened sharply; UK had more of a parallel shift. That said, no particular trigger for the moves.
- Italian spreads widened after 10Y/Bunds appeared to be establishing a hold below 100bp (low was 98.9, a little higher vs Tues low). Greece modestly outperformed.
- Upcoming supply potentially eyed by bears: Austria set to sell new 15Y RAGB via syndication Thursday, while Spain/France sells E14+B of Bonds.
Closing Yields / 10-Yr Periphery EGB Spreads To Germany
- Germany: The 2-Yr yield is down 0.1bps at -0.701%, 5-Yr is up 2bps at -0.624%, 10-Yr is up 3.4bps at -0.306%, and 30-Yr is up 4bps at 0.192%.
- UK: The 2-Yr yield is up 3.4bps at 0.265%, 5-Yr is up 3.4bps at 0.453%, 10-Yr is up 3.9bps at 0.777%, and 30-Yr is up 3.4bps at 1.077%.
- Italian BTP spread up 2.1bps at 100.8bps / Spanish up 0.4bps at 65bps
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.