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EGBs-GILTS CASH CLOSE: Weak Weekly Close

BONDS

After trading sideways for most of the session, Gilts and Bunds weakened into Friday's cash close on a broader global move that appeared US Treasury-led.

  • No apparent headline catalysts, but potentially positions being unwound in a combination of post-ECB profit-taking and a huge supply schedule next week.
  • Periphery spreads unwound a promising start; 10Y BTP spreads rose from a 3-week low of 101.7bp to end unchanged at 103.1bp. Greece outperformed.
  • Next week sees E36B of gross nominal issuance (vs E12.4bln this week), including Italy, Germany, Spain, France, and the Netherlands.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is up 0.7bps at -0.704%, 5-Yr is up 2.3bps at -0.638%, 10-Yr is up 3.1bps at -0.33%, and 30-Yr is up 3bps at 0.158%.
  • UK: The 2-Yr yield is up 0.9bps at 0.233%, 5-Yr is up 0.9bps at 0.42%, 10-Yr is up 2.2bps at 0.758%, and 30-Yr is up 1.5bps at 1.078%.
  • Italian BTP spread unchanged at 103.1bps /Spanish down 0.1bps at 66.3bps
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