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EGBs-GILTS CASH CLOSE: Yields Back Off Multi-Year Highs

BONDS

UK yields underperformed their German counterparts Tuesday, particularly at the long end as Bund and Buxl yields dipped. Overall, yields drifted lower after hitting multi-year highs (notably Bund >1%) this morning.

  • The Gilt move of course reflected a catch-up following the UK markets reopening from a long weekend, but was also seen in context of Thursday's BoE decision (MNI's preview went out today).
  • Periphery spreads widened modestly, with BTP/Bund spreads hitting a fresh post-May 2020 high.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is up 3.3bps at 0.275%, 5-Yr is up 2.6bps at 0.708%, 10-Yr is down 0.3bps at 0.965%, and 30-Yr is down 5.2bps at 1.087%.
  • UK: The 2-Yr yield is up 5.5bps at 1.646%, 5-Yr is up 5.6bps at 1.727%, 10-Yr is up 5.3bps at 1.958%, and 30-Yr is up 4.2bps at 2.079%.
  • Italian BTP spread up 2.5bps at 191.7bps / Spanish up 1.3bps at 105.9bps
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