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EGBs-GILTS CASH CLOSE: Long-End German Rally Stands Out

BONDS

UK short-end yields easily outperformed German counterparts Wednesday, though it was a different story further down the curve.

  • BoE speakers in focus throughout the session, first with Treasury Committee hearing including Bailey which was taken as marginally dovish; in the afternoon the short-end saw a modest rally on Tenreyro (dove)'s call for a "small amount of policy tightening".
  • Bund / Buxl stood out for afternoon outperformance of Gilts and Tsys. While Ukraine-Russia escalation headlines were at least partly responsible, the lack of movement in the short-end (and UK long-end) stood in stark relief.
  • Periphery spreads widened on renewed geopolitical risk-off.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is up 4bps at -0.359%, 5-Yr is up 0.7bps at 0.008%, 10-Yr is down 1.5bps at 0.228%, and 30-Yr is down 2.9bps at 0.467%.
  • UK: The 2-Yr yield is down 4.2bps at 1.296%, 5-Yr is down 3.1bps at 1.331%, 10-Yr is up 0.8bps at 1.479%, and 30-Yr is up 1.6bps at 1.564%.
  • Italian BTP spread up 3.2bps at 171.3bps / Spanish up 1.3bps at 103.3bps
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