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EGBs-GILTS CASH CLOSE: Heavy Supply Weighs On Long End

BONDS

European curves bear steepened Tuesday, with yield rises accelerating in the afternoon.

  • Supply was a key factor in bear steepening, with long-ends pressured by a Spain 30Y mandate announcement, UK 50Y and NGEU issuance, and ahead of Germany auctioning a 30Y Wednesday.
  • Gilts underperformed Bunds, with 10Y yields hitting 1.5% for the first time since 2018.
  • BTP spreads underperformed; while GGBs performed, this appeared to be more of a retracement (5bp) of Monday's 20+bp widening.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is down 1.1bps at -0.298%, 5-Yr is up 2.6bps at 0.08%, 10-Yr is up 3.6bps at 0.264%, and 30-Yr is up 6bps at 0.453%.
  • UK: The 2-Yr yield is up 5.3bps at 1.328%, 5-Yr is up 6.4bps at 1.373%, 10-Yr is up 8bps at 1.488%, and 30-Yr is up 8.9bps at 1.592%.
  • Italian BTP spread up 2.9bps at 158.2bps / Greek down 5.1bps at 223.4bps
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