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EGBs-GILTS CASH CLOSE: Pre-BOE Bull Flattening

BONDS

The UK and German curves bull flattened (long-end Gilts outperformed) Wednesday as a US election for the ages played out (and continues to play out).

Periphery EGBs were mixed, BTPs outperformed.

Reminder, Thursday's BoE MPC decision has shifted earlier to 0700GMT so as not to conflict with the Chancellor's statement. Per our preview, the BoE is expected to announce an additional GBP100bn in QE.

Closing Levels / 10-Yr Periphery EGB Spreads:

  • Germany: The 2-Yr yield is up 0.1bps at -0.793%, 5-Yr is down 1bps at -0.817%, 10-Yr is down 1.8bps at -0.638%, and 30-Yr is down 1.7bps at -0.231%.
  • UK: The 2-Yr yield is down 3.1bps at -0.073%, 5-Yr is down 3.5bps at -0.073%, 10-Yr is down 6.5bps at 0.207%, and 30-Yr is down 7.6bps at 0.764%.
  • Italian BTP spread down 2.9bps at 132.5bps
  • Spanish bond spread unchanged at 73bps
  • Portuguese PGB spread up 0.1bps at 70.3bps
  • Greek bond spread down 2.3bps at 149.4bps
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