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EGBs-GILTS CASH CLOSE: Selling Resumes On Energy Concerns

BONDS

Bunds and Gilts picked up Monday where they left off last week: selling off, with an early rally reversing in the afternoon.

  • There was relatively more market attention paid to FX (with EURUSD crashing through parity) and equities as European energy/power prices soared anew, heightening economic concerns.
  • Gilts underperformed; UK short end weakness picked up later in the session as DMO announced a possible 2 or 3Y tender operation Thursday - 2Y yields hit a fresh post-2008 high.
  • Periphery spreads widened amid the broader risk-off move; Italy underperformed, with the spread to Bunds at a fresh post-July high.
  • While the Fed's weekend Jackson Hole event is the week's focus, lots of attention Tuesday on Eurozone, UK, and US PMI data.

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

  • Germany: The 2-Yr yield is up 7.1bps at 0.895%, 5-Yr is up 7.9bps at 1.121%, 10-Yr is up 7.6bps at 1.306%, and 30-Yr is up 4.7bps at 1.451%.
  • UK: The 2-Yr yield is up 10.5bps at 2.63%, 5-Yr is up 10.5bps at 2.381%, 10-Yr is up 10.3bps at 2.514%, and 30-Yr is up 12.5bps at 2.839%.
  • Italian BTP spread up 5.7bps at 232.7bps / Greek up 3.2bps at 250.3bps
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