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Gilts outperformed Bunds Monday with peripheries fairly flat, on a thin-trading session (volumes running <50% of average) due to the Pentecost holiday observed throughout much of Europe.
- BOE officials addressed the TSC; main messages were that UK may needs "modest" monetary tightening (Saunders), inflation rise this year looks temporary (Gov Bailey). The ECB reported that net asset purchases remained steady last week, with PEPP buys up slightly.
- EU-Belarus tensions were an undercurrent for most of the day, but market implications were limited.
- No data and no bond issuance today; Netherlands sells up to E2bln of 2047 DSL Tuesday, while UK likely to sell new 0.125% Sep-39 Gilt linker via syndication.
Closing yields/10-Yr Spreads to Bunds:
- Germany: The 2-Yr yield is down 0.2bps at -0.656%, 5-Yr is down 0.9bps at -0.53%, 10-Yr is down 1bps at -0.14%, and 30-Yr is down 0.3bps at 0.419%.
- UK: The 2-Yr yield is down 1bps at 0.032%, 5-Yr is down 1.6bps at 0.339%, 10-Yr is down 1.9bps at 0.811%, and 30-Yr is down 2.4bps at 1.359%.
- Italian BTP spread up 0.2bps at 116.4bps / Spanish spread unch at 68.3bps