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EGBs-GILTS CASH CLOSE: UK Curve Bull Steepens On BoE

BONDS

A dovish BoE renewed speculation over a rate cut in the coming month and supported the UK short-end with the curve bull steepening. EGBs followed suit though not nearly as dramatically, with periphery EGB spreads trading mixed.

The highlight of Friday's schedule looks to be UK retail sales data, while we get the BoE's Broadbent and Vlieghe making appearances. The ECB's Schnabel and de Guindos also appear.

Closing levels:

  • Germany: The 2-Yr yield is down 1bps at -0.699%, 5-Yr is down 1.3bps at -0.691%, 10-Yr is down 0.7bps at -0.491%, and 30-Yr is down 0.8bps at -0.049%.
  • UK: The 2-Yr yield is down 4.5bps at -0.107%, 5-Yr is down 5.3bps at -0.12%, 10-Yr is down 2.6bps at 0.185%, and 30-Yr is down 0.1bps at 0.753%.

10-Yr Periphery EGB Spreads:

  • Italian BTP spread down 0.8bps at 144.5bps
  • Spanish bond spread up 1bps at 75.5bps
  • Portuguese PGB spread up 0.4bps at 77.6bps
  • Greek bond spread up 0.6bps at 156.4bps
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