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EGBs-GILTS CASH CLOSE: Negative Yields Disappearing

BONDS

German FI underperformed UK counterparts Wednesday with sharp bear flattening in the curve as ECB rate hike expectations edged higher.

  • Higher-than-expected Spanish and German inflation data spurred a sell-off at the short end, more than offsetting weak economic sentiment data.
  • As end-2022 ECB rate expectations rose into positive territory for the first time, likewise Schatz yields closed above 0% for the first time since 2014.
  • Greece outperformed, with 10Y GGB spreads narrowing 10bp.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is up 5.5bps at 0.002%, 5-Yr is up 5.2bps at 0.484%, 10-Yr is up 1.3bps at 0.646%, and 30-Yr is up 0.7bps at 0.732%.
  • UK: The 2-Yr yield is up 2.7bps at 1.382%, 5-Yr is up 2.6bps at 1.443%, 10-Yr is up 2.4bps at 1.666%, and 30-Yr is up 2.4bps at 1.813%.
  • Italian BTP spread unchanged at 148.2bps / Greek down 10.3bps at 212.6bps
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