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EGBs-GILTS CASH CLOSE: Month Ends With Modest Strength

BONDS

EGBs and Gilts largely drifted in the afternoon (shrugging off weakness in US Tsys on strong MNI Chicago PMI and hawkish comments by Fed's Kaplan), with Bunds seeing support from large Month End extensions. Periphery spreads ended flat/marginally wider.

  • Early focus was on eurozone data: flash 1Q GDP were mixed (France stronger, Italy a bit above consensus, Spain in line, Germany weak in Q/Q terms) - and EZ as a whole contracted for the 2nd consecutive quarter.
  • Otherwise, flash Apr inflation data and Spain retail sales had little market impact.
  • A few ratings decisions after hours Friday, none expected to have major impact (Germany, Italy among others). Monday sees a UK holiday and thus likely subdued trading volumes; attention will turn quickly to Thursday's BoE decision.

Closing yields/10-Yr Spreads to Bunds:

  • Germany: The 2-Yr yield is down 0.4bps at -0.682%, 5-Yr is down 1.5bps at -0.577%, 10-Yr is down 0.9bps at -0.202%, and 30-Yr is down 0.3bps at 0.357%.
  • UK: The 2-Yr yield is up 0.2bps at 0.08%, 5-Yr is up 0.3bps at 0.39%, 10-Yr is down 0.1bps at 0.842%, and 30-Yr is down 0.5bps at 1.342%.
  • Italian BTP spread unchanged at 110.6bps/ Spanish spread up 1bps at 67.8bps
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