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EGBs-GILTS CASH CLOSE: Weak End Ahead Of Weekend

BONDS

Bunds and Gilts weakened sharply in afternoon trade after a solid start Friday. No fundamental catalyst seen, but some contacts cited recent longs bailing out of recent long positions in Bunds. Month-end rebalancing may also have been a factor. This occurred alongside a sharp decline in equities as the session went on.

Core curves bear steepened, having bull steepened early in the session.

Versus the narrowest levels seen on Monday's strong open, BTP spreads finished the week 11+bps higher vs Bunds, closing at 153.7bps. Closing levels:

  • Germany: The 2-Yr yield is unchanged at -0.713%, 5-Yr is up 0.8bps at -0.721%, 10-Yr is up 1.8bps at -0.524%, and 30-Yr is up 2.7bps at -0.101%.
  • UK: The 2-Yr yield is up 1.9bps at -0.067%, 5-Yr is up 1.2bps at -0.12%, 10-Yr is up 1.6bps at 0.104%, and 30-Yr is up 2.1bps at 0.631%.
10-Yr Periphery EGB Spreads:
  • Italian BTP spread up 4.1bps at 155.3bps
  • Spanish bond spread up 0.6bps at 86.5bps
  • Portuguese PGB spread up 0.8bps at 87.2bps
  • Greek bond spread up 0.7bps at 161.6bps
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