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EGBs-GILTS CASH CLOSE: Waiting For Fed/BoE

BONDS

The UK and German curves flattened ahead of the Federal Reserve decision later Wednesday, and the BoE meeting Thursday. Periphery yields narrowed, with BTPs closing just off tightest levels despite a modest deterioration in equities/risk appetite. Markets largely shrugged off UK PM Johnson's threat to impose punitive tariffs on the EU in the event of "no deal".
Gilt/Bund Closing Levels:

  • UK The 2-Yr yield is up 0.3bps at -0.062%, 5-Yr is unchanged at -0.067%, 10-Yr is down 0.6bps at 0.211%, and 30-Yr is down 1.6bps at 0.754%.
  • GERMANY: The 2-Yr yield is unchanged at -0.689%, 5-Yr is up 0.3bps at -0.678%, 10-Yr is down 0.5bps at -0.484%, and 30-Yr is down 0.9bps at -0.041%.

Periphery EGB Spreads:

  • 10-Yr Italian BTPs vs Bunds down 2.4bps at 145.3bps
  • 10-Yr Spanish bonds vs Bunds is is down 0.5bps at 74.5bps
  • 10-Yr Portuguese PGBs vs Bunds is is down 0.5bps at 77.2bps
  • 10-Yr Greek bonds vs Bunds is is down 0.9bps at 155.8bps
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