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EGBs-GILTS CASH CLOSE: Week-Long Yield Drop Comes To An End

BONDS

European yields reversed higher to end the week following a 4-day drop, with periphery EGB spreads consolidating their recent narrowing.

  • In a fairly quiet session in terms of flows and headlines (in contrast to the rest of the week), bond weakness mirrored a relief rally in equities that gained steam as Friday's session went on, with the Eurostoxx and FTSE erasing the week's losses.
  • Gilts underperformed German counterparts at the short end, though were roughly flat to Bunds further out the curve.
  • End-2022 rate hike pricing change this week: -13bp for BoE, -6bp for ECB.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany:

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European yields reversed higher to end the week following a 4-day drop, with periphery EGB spreads consolidating their recent narrowing.

  • In a fairly quiet session in terms of flows and headlines (in contrast to the rest of the week), bond weakness mirrored a relief rally in equities that gained steam as Friday's session went on, with the Eurostoxx and FTSE erasing the week's losses.
  • Gilts underperformed German counterparts at the short end, though were roughly flat to Bunds further out the curve.
  • End-2022 rate hike pricing change this week: -13bp for BoE, -6bp for ECB.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany:

Keep reading...Show less