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EGBs-GILTS CASH CLOSE: UK Curve Bull Steepens On PMI Miss

BONDS

UK yields easily outperformed Tuesday with bull steepening in the curve, as May Services PMI data fell sharply below expectations.

  • Eurozone data was more mixed, and ECB hawk Holzmann put a 50bp July hike on the table.
  • But the overall market tone was risk-off with equities sharply lower, and soft US data helped keep downside pressure on yields in the afternoon.
  • Periphery spreads reversed earlier widening, with BTPs ending the session basically flat to Bunds.

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

  • Germany: The 2-Yr yield is down 4bps at 0.381%, 5-Yr is down 5.2bps at 0.686%, 10-Yr is down 5bps at 0.967%, and 30-Yr is down 3bps at 1.168%.
  • UK: The 2-Yr yield is down 11.9bps at 1.453%, 5-Yr is down 10.3bps at 1.566%, 10-Yr is down 8.3bps at 1.887%, and 30-Yr is down 5.4bps at 2.131%.
  • Italian BTP spread down 0.4bps at 201.3bps / Spanish down 0.1bps at 112bps
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