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EGBs-GILTS CASH CLOSE: BOE Testimony Sinks Gilts Late

BONDS

Gilts reversed early gains in the late afternoon, with yields hitting session highs going into the cash close as BOE MPC members' testimony before the Treasury Select Committee was seen tilting slightly hawkish.

  • Bund yields fell on the day but erased most gains late. Periphery spreads were largely unchanged despite a fairly risk-off session (stronger dollar, weaker equities).
  • No major data released today. Germany sold E4bln 10Y Green Bund, UK GBP1bln 10Y linker, Slovenia tapped 10Y for E0.25bln via syndication.
  • Comments published today by Holzmann (hawkish) and Vasle (dovish) underlined gap in the ECB Governing Council ahead of Thursday's decision.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is up 0.2bps at -0.696%, 5-Yr is down 0.2bps at -0.632%, 10-Yr is down 0.1bps at -0.323%, and 30-Yr is down 0.2bps at 0.167%.
  • UK: The 2-Yr yield is up 1.8bps at 0.21%, 5-Yr is up 2bps at 0.397%, 10-Yr is up 0.7bps at 0.744%, and 30-Yr is up 0.5bps at 1.08%.
  • Italian BTP spread unchanged at 107.5bps/ Spanish down 0.2bps at 68.9bps
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