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EGBs-GILTS CASH CLOSE: Yield Ascent Continues

BONDS

Bund and Gilt yields finished off session highs but continued their overall ascent Thursday.

  • The accounts of the last ECB meeting were interpreted hawkishly, suggesting the GC may be more proactive than expected in tightening policy.
  • Separate from the ECB-induced move for EGBs, 10Y Gilt yields underperformed hit another post-2016 high before pulling back slightly.
  • A first poll to show Le Pen defeating Macron in the French election met with little market reaction.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is up 2.6bps at -0.014%, 5-Yr is up 3.7bps at 0.477%, 10-Yr is up 3.4bps at 0.681%, and 30-Yr is up 2.1bps at 0.811%.
  • UK: The 2-Yr yield is up 0.8bps at 1.47%, 5-Yr is up 1.3bps at 1.517%, 10-Yr is up 2.7bps at 1.73%, and 30-Yr is up 4.5bps at 1.864%.
  • Italian BTP spread unchanged at 165.3bps / Spanish down 0.7bps at 98.3bps
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