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EGBs-GILTS CASH CLOSE: Supply Pushes Long-End Yields Higher

BONDS

European curves bear steepened Tuesday, with periphery EGBs outperforming as speculation continued over an ECB anti-fragmentation tool.

  • 50Y Gilt supply via syndication helped Gilts underperform with curve steepening. 30Y yields rose to post-2014 highs just shy of 2.9% at one point.
  • Likewise long-end green NGEU (and German 2038 Bund sale Weds) underpinned a rise in core/semicore EGB yields.
  • Early comments by ECB's Rehn that the central bank was "firmly committed" to contain "unwarranted fragmentation" helped periphery spreads continue compressing.
  • GGBs outperformed with spreads over 10Y bunds down nearly 10bp; BTP spreads closed at the tightest since May 26th.

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

  • Germany: The 2-Yr yield is up 0.2bps at 1.155%, 5-Yr is up 0.2bps at 1.552%, 10-Yr is up 2.2bps at 1.771%, and 30-Yr is up 3.4bps at 1.975%.
  • UK: The 2-Yr yield is up 1.6bps at 2.316%, 5-Yr is up 3.1bps at 2.34%, 10-Yr is up 5bps at 2.654%, and 30-Yr is up 7.5bps at 2.871%.
  • Italian BTP spread down 2.8bps at 192.7bps / Greek down 9.8bps at 217.4bps
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