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EGBs-GILTS CASH CLOSE: Long-End Gilts Impress To Start The Week

BONDS

Monday saw modest gains with some curve flattening in core FI.

  • Gilts outperformed Bunds, with the long end particularly strong and 5s30s flattening significantly.
  • Periphery spreads vs Bunds came in a little as well, with risk seen mixed most of the day.
  • Few catalysts during the session, and volumes were thin, with some anticipation of Wednesday's key U.S. inflation figures.
  • No ECB / BOE speakers and limited data today (German trade balance); a little more data Tuesday (German ZEW) but again no scheduled speakers.
  • No bond supply either; Tuesday sees the UK sell GBP2.75bln of Jul-31 Gilt.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is up 0.7bps at -0.75%, 5-Yr is up 0.3bps at -0.725%, 10-Yr is down 0.4bps at -0.46%, and 30-Yr is down 1.1bps at -0.012%.
  • UK: The 2-Yr yield is down 0.4bps at 0.135%, 5-Yr is down 1.8bps at 0.278%, 10-Yr is down 2.7bps at 0.584%, and 30-Yr is down 5.7bps at 0.953%.
  • Italian BTP spread down 1.2bps at 101.2bps / Spanish down 0.3bps at 69.4bps
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