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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:

  • Germany: The 2-Yr yield is up 1.6bps at 0.063%, 5-Yr is up 3.2bps at 0.546%, 10-Yr is up 4.9bps at 0.889%, and 30-Yr is up 5.5bps at 1.075%.
  • UK: The 2-Yr yield is up 5bps at 1.225%, 5-Yr is up 5.5bps at 1.355%, 10-Yr is up 5.4bps at 1.715%, and 30-Yr is up 5.6bps at 1.977%.
  • Italian BTP spread down 2.1bps at 185.1bps / Greek down 3.6bps at 248.4bps
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