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EGBs-GILTS CASH CLOSE: UK Long End Sees Biggest Rally Since March 2020

BONDS

Gilts bull flattened with a massive rally in the 30Y segment Wednesday, with Bunds and periphery EGBs also gaining but unable to keep up with their UK counterparts.

  • 30Y UK yields fell by more than 17bp at one point (to 1.275%), the biggest drop since March 2020, before bouncing an hour before the cash close, still ending over 10bps lower.
  • Long-maturity global FI saw little reaction to a stronger-than-expected US inflation print, preferring to fade the recent sell-off (including for Gilts vs Bunds, which had previously traded at 5-year wides).
  • And as the 2-Yr yield rise in the UK illustrates, rising rate hike expectations are contributing to overall flattening in global curves.
  • Greek GGBs underperformed, 10Y spreads 3.2bp wider on the session.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is down 0.7bps at -0.669%, 5-Yr is down 1.4bps at -0.479%, 10-Yr is down 4.1bps at -0.127%, and 30-Yr is down 7.7bps at 0.299%.
  • UK: The 2-Yr yield is up 1.3bps at 0.576%, 5-Yr is down 1.4bps at 0.763%, 10-Yr is down 5.9bps at 1.089%, and 30-Yr is down 10.5bps at 1.343%.
  • Italian BTP spread up 1.9bps at 103.1bps / Greek up 3.2bps at 105.6bps
HomepageBond Market NewsBulletMarketsFixed Income Bullets
HomepageBond Market NewsBulletMarketsFixed Income Bullets

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