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EGBs-GILTS CASH CLOSE: Rally After Weak Open

BONDS

Bunds and Gilts strengthened Tuesday, with German yields leading the way lower in a largely risk-off session (stocks off ~0.7%).

  • Bunds recovered from early weakness following stronger-than-expected German factory orders data. Gilts followed suit, rallying most of the session.
  • ECB's Lane said in an interview published pre-open that it's likely eurozone inflation is close to peaking and that while more hikes will be necessary, "a lot has been done already"; Herodotou said the ECB was "very near the neutral range".
  • Periphery EGB spreads largely kept pace, with BTP/Bund spreads about 2bp tighter, and GGBs more than 5bp tighter.
  • The December to March Eurex futures roll is nearly complete ahead of Thursday's deadline.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is down 5.6bps at 2.064%, 5-Yr is down 7.2bps at 1.817%, 10-Yr is down 8bps at 1.8%, and 30-Yr is down 4.9bps at 1.63%.
  • UK: The 2-Yr yield is down 2.5bps at 3.304%, 5-Yr is down 1.6bps at 3.229%, 10-Yr is down 2.8bps at 3.076%, and 30-Yr is up 0.2bps at 3.449%.
  • Italian BTP spread down 2bps at 185.3bps / Greek down 5.5bps at 194.9bps
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