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EGBs-GILTS CASH CLOSE: Weaker In Reflationary Move

BONDS

Bunds and Gilts traded weaker for most of the session alongside a broader bear steepening move in core global FI, while periphery spreads were mixed.

  • There wasn't a clear driver of this move, though a broader "reflation trade" theme seemed to be in play in the afternoon in the US which helped drive UK and German yields higher.
  • Flash April inflation data for Germany and Spain came in above expectations. Italy sold E8.5bn of BTP/CCTeu. ECB's Lane said in an interview that he sees the EZ economy at an "inflection point".
  • Reuters reported Greece plans at least 2 more bond issues this year, to raise up to E4bln.
  • Friday sees a busy data calendar, including prelim Q1 GDP and Apr inflation for multiple countries.

Closing yields/10-Yr Spreads to Bunds:

  • Germany: The 2-Yr yield is up 0.7bps at -0.678%, 5-Yr is up 2.2bps at -0.562%, 10-Yr is up 3.8bps at -0.193%, and 30-Yr is up 4.9bps at 0.36%.
  • UK: The 2-Yr yield is up 1.9bps at 0.078%, 5-Yr is up 3.1bps at 0.387%, 10-Yr is up 4.6bps at 0.843%, and 30-Yr is up 3.6bps at 1.347%.
  • Italian BTP spread up 0.4bps at 110.6bps / Spanish up 0.4bps at 66.8bps
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