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EGBs-GILTS CASH CLOSE: Waiting For The Fed and BoE

BONDS

Bunds and Gilts had a weak start, but rallied a bit after 1400BST on profit taking- we've remained within ranges throughout, however. Curves bear flattened, while periphery EGB spreads closed on the lows (Italy 10s making up 2+bps on Bunds).

Attention is on the US Fed meeting tomorrow and the Bank of England decision Thursday, as well as any further news from EU/UK diplomatic efforts.

UK Aug CPI Weds and Retail Sales Friday are the main data events for the rest of the week. We get a few ECB speakers Wednesday too. In supply, the UK and Germany sell Wednesday. Closing levels:

  • Germany: The 2-Yr yield is up 1.2bps at -0.689%, 5-Yr is up 0.7bps at -0.681%, 10-Yr is up 0.1bps at -0.479%, and 30-Yr is up 0.3bps at -0.032%.
  • UK: The 2-Yr yield is up 3.3bps at -0.065%, 5-Yr is up 3bps at -0.067%, 10-Yr is up 2.3bps at 0.217%, and 30-Yr is up 1.8bps at 0.77%.

10-Yr Periphery EGB Spreads:

  • Italian BTP spread down 2.4bps at 147.7bps
  • Spanish bond spread down 1.3bps at 75bps
  • Portuguese PGB spread down 0.9bps at 77.7bps
  • Greek bond spread down 0.2bps at 156.7bps
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