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EGBs-GILTS CASH CLOSE: Lagarde Pulls Yields Back

BONDS

ECB President Lagarde's appearance before the European Parliament ECON committee took centre stage Monday, with little data/speaker flow of interest otherwise.

  • She didn't say much new ("no need to rush to premature conclusions"), but lack of hawkish surprises helped short-end German yields ease in particular.
  • Short-end and periphery EGBs (especially Greece, +20bp vs Bunds on the day) sold off on the open after weekend comments from ECB's Knot over the weekend that we could see 25bp rate hikes in Q4-22 and Q1-23.
  • Of note, MNI's interview w Kazaks out this afternoon included discussion on ending ECB's "triple-lock" forward guidance.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is down 3.9bps at -0.287%, 5-Yr is up 0.5bps at 0.053%, 10-Yr is up 2.2bps at 0.227%, and 30-Yr is up 3.8bps at 0.393%.
  • UK: The 2-Yr yield is up 1.3bps at 1.275%, 5-Yr is unchanged at 1.31%, 10-Yr is down 0.3bps at 1.408%, and 30-Yr is up 2.2bps at 1.503%.
  • Italian BTP spread up 1.9bps at 156bps / Greek up 22bps at 228.6bps
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