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EGBs-GILTS CASH CLOSE: Inflation Expectations Soar

BONDS

Safe-haven European FI weakened in another largely risk-off session Monday.

  • As energy prices soared amid Ukraine-Russia headlines, UK 10 Year implied breakevens hit the highest since the mid-1990s, while Germany's hit an all-time high and Eurozone 5Y5Y swaps had their highest close since 2013.
  • Equities rallied around midday London time amid some optimism on Ukraine-Russia talks, which pushed yields higher and periphery EGB spreads lower.
  • But by the cash close, equities had started softening anew, with the drop in futures put on hold.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is up 5.3bps at -0.677%, 5-Yr is up 5.7bps at -0.314%, 10-Yr is up 5.4bps at -0.015%, and 30-Yr is up 1.9bps at 0.18%.
  • UK: The 2-Yr yield is up 11.2bps at 1.173%, 5-Yr is up 10.2bps at 1.084%, 10-Yr is up 9.6bps at 1.304%, and 30-Yr is up 5bps at 1.5%.
  • Italian BTP spread up 0.1bps at 160.9bps / Spanish down 1.8bps at 102bps
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