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EGBs-GILTS CASH CLOSE: Significant Flattening

BONDS

Bunds and Gilts outperformed Treasuries Tuesday, with the long ends of the curves enjoying a strong rally despite a near-30Y high eurozone inflation reading.

  • Though the overall tone was bullish, with equities tumbling amid fears over the Omicron Covid variant/lockdowns, short-end USTsys sold off on Fed Chair Powell's signalling a quicker taper pace may be imminent; 2Y UK and German yields rose sharply in tandem.
  • Overall, curves ended much flatter - UK 5s30s and 10s30s flattest since 2008.
  • Periphery EGB spreads widened after enjoying some compression Monday.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is up 1.4bps at -0.737%, 5-Yr is up 0.7bps at -0.618%, 10-Yr is down 3.2bps at -0.349%, and 30-Yr is down 7.7bps at -0.058%.
  • UK: The 2-Yr yield is down 2.1bps at 0.484%, 5-Yr is down 3.2bps at 0.62%, 10-Yr is down 5.2bps at 0.809%, and 30-Yr is down 9.3bps at 0.853%.
  • Italian BTP spread up 2.4bps at 131.8bps / Spanish up 0.9bps at 74.8bps
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