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EGBs-GILTS CASH CLOSE: Safe Haven Bid Continues To Unwind

BONDS

Geopolitical risk once again drove European FI Tuesday, with yields continuing to rise from Monday's lows on signs of de-escalation between Russia and Ukraine.

  • Periphery spreads narrowed in a broad risk-on move, with equities in the green. Though 10Y BTP yields rose to just shy of 2% (post-May 2020 high).
  • German 10Y Bund yields hit the highest since Nov 2018 (0.3254% intraday) as safe haven bids unwound further and the curve bear steepened.
  • With attention on Wednesday's UK CPI data, 2 Year UK yields continued their ascent (reversing an early drop), in a flattening move on the curve.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is up 1.6bps at -0.347%, 5-Yr is up 1.1bps at 0.055%, 10-Yr is up 2.5bps at 0.308%, and 30-Yr is up 5.6bps at 0.551%.
  • UK: The 2-Yr yield is up 2.7bps at 1.537%, 5-Yr is up 2.2bps at 1.526%, 10-Yr is down 0.7bps at 1.582%, and 30-Yr is down 3.7bps at 1.609%.
  • Italian BTP spread down 3.9bps at 164.9bps / Spanish down 1.6bps at 99.8bps
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