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Free AccessEGBs-GILTS CASH CLOSE: Yields Close Near Lows Despite Equity Rebound
Yields closed near session lows Thursday despite a bounce in equities in the afternoon.
- Both the German and UK curves bull flattened, but UK instruments outperformed. 10Y yields dropped over 16bp, as real yields fell 27bp (implied inflation breakevens rose 10bp).
- BTP spreads vs Bunds continued to narrow from levels above 200bp.
- They continue to mirror ECB policy rate expectations, which fell to a May low of 19bp at end-2022 (77bp of hikes) from above 35bp last week. That's despite several ECB officials seemingly endorsing a July hike this week, including Makhlouf today.
Closing Yields / 10-Yr Periphery EGB Spreads To Germany:
- Germany: The 2-Yr yield is down 8.8bps at 0.052%, 5-Yr is down 14bps at 0.519%, 10-Yr is down 14bps at 0.846%, and 30-Yr is down 11.5bps at 1.024%.
- UK: The 2-Yr yield is down 10.8bps at 1.179%, 5-Yr is down 14.6bps at 1.305%, 10-Yr is down 16.1bps at 1.665%, and 30-Yr is down 13.9bps at 1.926%.
- Italian BTP spread down 3.9bps at 187bps / Greek up 4.8bps at 251.5bps
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.