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EGBs-GILTS CASH CLOSE: Just When You Thought Steepening Was Over...

BONDS

Just when it looked like the UK and German curves were set to flatten after a prolonged bout of bear steepening, we've steepened again amid a global sell-off at the long end following Fed Chair Powell's much-anticipated Jackson Hole speech. Periphery spreads were mixed.

  • Nothing new from ECB's Lane today, merely repeating language that the bank stands ready to do more if necessary.
  • French flash inflation for August, Spanish Jul retail sales, and Italy/Eurozone confidence figures on the docket Friday, while we get BoE Gov Bailey at Jackson Hole. Italy concludes the month of EGB issuance with up to E8.25bln of BTP and CCTeu for sale (including new 5-Yr).

Closing levels:

  • Germany: The 2-Yr yield is down 1.4bps at -0.658%, 5-Yr is down 0.6bps at -0.641%, 10-Yr is up 0.8bps at -0.407%, and 30-Yr is up 2.4bps at 0.06%.
  • UK: The 2-Yr yield is up 0.1bps at -0.015%, 5-Yr is up 1.1bps at 0.025%, 10-Yr is up 3.4bps at 0.336%, and 30-Yr is up 4.7bps at 0.929%.

10-Yr Periphery EGB Spreads:

  • Italian BTP spread down 0.5bps at 142.7bps
  • Spanish bond spread up 0.5bps at 79.6bps
  • Portuguese PGB spread up 0.7bps at 81.3bps
  • Greek bond spread down 0.9bps at 150.9bps
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