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EGBs-GILTS CASH CLOSE: Risk-On Bear Flattening Ahead Of ECB

BONDS

Bunds and Gilts continued to sell off Wednesday, in what was a more clearly risk-positive session compared with Tuesday's core FI weakness.

  • In a combination of dip-buying and nascent optimism that the Ukraine-Russia situation won't worsen further, European stocks rallied strongly (DAX posted its best gains since March 2020), oil and gold fell sharply, and periphery spreads compressed, led by GGBs.
  • Both the German and UK curves bear flattened, as attention turned to the ECB decision Thursday, and the Lagarde press conference which will come alongside US inflation data.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is up 12.3bps at -0.487%, 5-Yr is up 9.8bps at -0.111%, 10-Yr is up 10.4bps at 0.216%, and 30-Yr is up 10.7bps at 0.427%.
  • UK: The 2-Yr yield is up 9bps at 1.416%, 5-Yr is up 8.6bps at 1.325%, 10-Yr is up 8bps at 1.526%, and 30-Yr is up 6.5bps at 1.685%.
  • Italian BTP spread down 2.2bps at 146.2bps / Greek down 5.3bps at 217.2bps
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