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EGBs-GILTS CASH CLOSE: Recession Drumbeat Continues

BONDS

Tuesday saw another strong rally across the UK and German curves as the euro touched parity with the US dollar.

  • Most of the session's rally took place over the morning, punctuated by a miss in the German ZEW data, with falling commodity prices helping moderate inflation expectations as well.
  • There was a bit of retracement higher in yields in the afternoon as traders began eyeing Wednesday's key US inflation report.
  • In contrast to bull steepening moves in prior sessions, outperformance Tuesday was further along the curve (German Buxl yields fell 13+bp, UK 10Y down 10+).
  • Periphery spreads widened but ended well off session's widest levels.

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

  • Germany: The 2-Yr yield is down 8.7bps at 0.355%, 5-Yr is down 9.2bps at 0.773%, 10-Yr is down 11.4bps at 1.132%, and 30-Yr is down 13.1bps at 1.406%.
  • UK: The 2-Yr yield is down 8.8bps at 1.792%, 5-Yr is down 10bps at 1.756%, 10-Yr is down 10.3bps at 2.075%, and 30-Yr is down 3.2bps at 2.57%.
  • Italian BTP spread up 1.6bps at 198.2bps / Spanish up 0.6bps at 109.5bps
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