/EGBs-GILTS CASH CLOSE: The big move of the...>

BONDS: /EGBs-GILTS CASH CLOSE: The big move of the day has been in Gilts, which

sold off sharply as markets digested the more-hawkish-than-expected BoE

decision. Gilts have since stabilized. Bunds initially sold off in sympathy but

have been rallying most of the afternoon. Meanwhile, periphery EGB yields did

surprisingly little, selling off slightly after the ECB's TLTRO allotment came

in around expectations (bought the news, sold the fact?). ** Closing levels:

* Germany: The 2-Yr yield is up 0.4bps at -0.651%, 5-Yr is up 0.1bps at -0.638%,

10-Yr is down 1.5bps at -0.407%, and 30-Yr is down 3.5bps at 0.02%.

* UK: The 2-Yr yield is up 2.2bps at -0.035%, 5-Yr is up 2.1bps at 0.009%, 10-Yr

is up 3.8bps at 0.228%, and 30-Yr is up 9.7bps at 0.679%.

** 10-Yr Periphery EGB Spreads:

* Italian BTPs vs Bunds down 2.2bps at 178.6bps

* Spanish bonds vs Bunds down 2.8bps at 92.3bps

* Portuguese PGBs vs Bunds down 3.3bps at 90.1bps