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EGBs-GILTS CASH CLOSE: Not Quite Risk-Off

BONDS

Despite a major equity correction (DAX off 3.7%), Bunds and Gilts had a mixed day, with an initial fall in yields giving way to afternoon weakness.

Italian short-end yields briefly hit new lows, but the rally didn't last. 10-Yr spreads retraced 6bps wider from the lows but still finished slightly tighter, after getting a ratings + outlook reprieve from S&P on Friday.

Closing Levels / 10-Yr Periphery EGB Spreads:

  • Germany: The 2-Yr yield is up 0.1bps at -0.757%, 5-Yr is unchanged at -0.773%, 10-Yr is down 0.6bps at -0.58%, and 30-Yr is down 0.8bps at -0.162%.
  • UK: The 2-Yr yield is down 0.1bps at -0.034%, 5-Yr is unchanged at -0.031%, 10-Yr is down 0.5bps at 0.275%, and 30-Yr is up 0.3bps at 0.851%.
  • Italian BTP spread down 1.3bps at 131.9bps
  • Spanish bond spread down 0.3bps at 76.6bps
  • Portuguese PGB spread down 0.8bps at 74bps
  • Greek bond spread up 0.3bps at 150.1bps
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