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EGBs-GILTS CASH CLOSE: Recessionary Rally Resumes

BONDS

Global recession fears put EGB and Gilt yields on the back foot once again Tuesday, with the short-end/bellies of curves rallying in a bull-steepening move.

  • Most economic fears centred around Eurozone energy supplies, with headlines from Norway to Germany suggesting little relief from the current crisis and its negative economic implications.
  • Against that backdrop, Gilts outperformed Bunds, with the Euro falling to 20Y lows vs USD.
  • Volumes were not particularly elevated given the level of volatility.
  • Periphery spreads widened amid a sharp sell-off in equities, and an MNI Interview highlighting potential German opposition to prospective ECB periphery bond-buying plans ("Flexible ECB Bond Buys Risk Breaking German Law").

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

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Global recession fears put EGB and Gilt yields on the back foot once again Tuesday, with the short-end/bellies of curves rallying in a bull-steepening move.

  • Most economic fears centred around Eurozone energy supplies, with headlines from Norway to Germany suggesting little relief from the current crisis and its negative economic implications.
  • Against that backdrop, Gilts outperformed Bunds, with the Euro falling to 20Y lows vs USD.
  • Volumes were not particularly elevated given the level of volatility.
  • Periphery spreads widened amid a sharp sell-off in equities, and an MNI Interview highlighting potential German opposition to prospective ECB periphery bond-buying plans ("Flexible ECB Bond Buys Risk Breaking German Law").

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

Keep reading...Show less