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EGBs-GILTS CASH CLOSE: Prior Gains Reverse With U.S. Driving Price Action

BONDS

Bund and Gilt yields rebounded from the drop of the three previous sessions Friday, erasing most of Thursday's sharp falls.

  • As with most of this week, the US was the source of price action catalysts.
  • UK and German yields fell to afternoon lows following very weak US retail sales data, but rebounded and moved higher after strong UMichigan consumer survey inflation expectations.
  • The cash session closed on a weak note, with position squaring ahead of the weekend (particularly given the US long weekend).
  • Next week sees a pullback in EGB issuance (E24.3bln vs E39.2bln this week).

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is up 1.6bps at -0.583%, 5-Yr is up 3.5bps at -0.364%, 10-Yr is up 4.4bps at -0.046%, and 30-Yr is up 4.8bps at 0.252%.
  • UK: The 2-Yr yield is up 3.5bps at 0.796%, 5-Yr is up 3.4bps at 0.97%, 10-Yr is up 4.5bps at 1.15%, and 30-Yr is up 3.9bps at 1.255%.
  • Italian BTP spread up 1.2bps at 131.9bps / Spanish up 0.7bps at 68.4bps
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