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EGBs-GILTS CASH CLOSE: Modest Steepening Ahead Of A Big Week

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European curves steepened modestly to end the week, with periphery EGB spreads widening in anticipation of next week's data- and central bank-heavy schedule.

  • 10s outperformed on the UK curve, though 30s underperformance meant the curve bear steepened overall; the German curve twist steepened with 2Y yields dipping.
  • BTPs underperformed alongside a tick higher in terminal ECB hike expectations +2bp to 143bp), in preparation for next Thursday's decision.
  • With limited data on the European docket, attention was on the US personal income/spending release which was in line with expectations and not a market mover. Likewise, no central bank speakers of note ahead of next week's key decisions, including the Federal Reserve, BoE and ECB.
  • Next week we also get heavy EGB supply and flash January eurozone inflation data.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

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European curves steepened modestly to end the week, with periphery EGB spreads widening in anticipation of next week's data- and central bank-heavy schedule.

  • 10s outperformed on the UK curve, though 30s underperformance meant the curve bear steepened overall; the German curve twist steepened with 2Y yields dipping.
  • BTPs underperformed alongside a tick higher in terminal ECB hike expectations +2bp to 143bp), in preparation for next Thursday's decision.
  • With limited data on the European docket, attention was on the US personal income/spending release which was in line with expectations and not a market mover. Likewise, no central bank speakers of note ahead of next week's key decisions, including the Federal Reserve, BoE and ECB.
  • Next week we also get heavy EGB supply and flash January eurozone inflation data.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

Keep reading...Show less