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EGBs-GILTS CASH CLOSE: Rally Consolidates

BONDS

Gilts and Bunds rallied in the morning as ECB/BoE rate hike expectations were pared back slightly, before range range trading dominated for most of the session.

  • Long-end EGBs underperformed with supply a key factor (Germany and Spain issuing 30Yrs). BTP spreads narrowed, in sympathy with a broader risk-on tone to the session.
  • BOE's Pill didn't explicitly talk down market rate expectations but in laying out reasoning for not voting for a 50bp hike last week made it evident he doesn't see the need for what the market is currently pricing.
  • Event focus still lies across the Atlantic, with a 10Y Treasury auction after the European close, and the crucial January CPI figures Thursday.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is down 5.1bps at -0.349%, 5-Yr is down 6.1bps at 0.02%, 10-Yr is down 5.3bps at 0.212%, and 30-Yr is down 2.8bps at 0.427%.
  • UK: The 2-Yr yield is down 4.6bps at 1.283%, 5-Yr is down 5.2bps at 1.322%, 10-Yr is down 5.8bps at 1.431%, and 30-Yr is down 6.2bps at 1.531%.
  • Italian BTP spread down 3.9bps at 154.3bps/ Greek up 1.8bps at 225.2bps
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