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EGBs-GILTS CASH CLOSE: Periphery Spreads Widen Sharply

BONDS
BulletMarketsFixed Income

German bonds outperformed their UK counterparts Friday, with steepening in both curves - though periphery weakness took centre stage.

  • With no particular catalyst evident, periphery spreads widened sharply: 10Y BTPs out 10bp to close above 200bp (though just shy of the May high); GGBs underperformed, nearly 18bp wider and starting to threaten the April 2020 wides.
  • Gilt and Bund yields faded earlier highs in the afternoon as stocks came off their highs. UK underperformed as BoE hike pricing rose following stronger-than-expected data this week and analyst hike projection upgrades.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany:

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German bonds outperformed their UK counterparts Friday, with steepening in both curves - though periphery weakness took centre stage.

  • With no particular catalyst evident, periphery spreads widened sharply: 10Y BTPs out 10bp to close above 200bp (though just shy of the May high); GGBs underperformed, nearly 18bp wider and starting to threaten the April 2020 wides.
  • Gilt and Bund yields faded earlier highs in the afternoon as stocks came off their highs. UK underperformed as BoE hike pricing rose following stronger-than-expected data this week and analyst hike projection upgrades.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany:

Keep reading...Show less