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EGBs-GILTS CASH CLOSE: Holding On To Early Gains

BONDS

Friday saw a relatively quiet end to a very active week, with yields drifting a little higher over the course of the day following an initial drop.

  • Overall, the UK and German curves bull flattened, with periphery spreads nudging wider.
  • The biggest event of the day came out of the US, where the Fed surprisingly decided against extending SLR bank regulatory relief, sending Treasury yields higher and Bunds/Gilts higher on the follow.
  • After hours we get ratings decisions on Spain, Portugal, and Greece among others. The highlights next week include UK labour market and CPI data, and March flash PMIs across Europe.

Closing yields/10-Yr Spreads to Bunds:

  • Germany: The 2-Yr yield is down 1bps at -0.695%, 5-Yr is down 2.7bps at -0.645%, 10-Yr is down 3bps at -0.294%, and 30-Yr is down 1.9bps at 0.282%.
  • UK: The 2-Yr yield is down 1.7bps at 0.093%, 5-Yr is down 3.2bps at 0.387%, 10-Yr is down 3.7bps at 0.838%, and 30-Yr is down 3.9bps at 1.366%.
  • Italian BTP spread up 0.5bps at 95.8bps / Spanish spread up 0.2bps at 64.1bps
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