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EGBs-GILTS CASH CLOSE: Yields Touch Fresh Multi-Year Highs Post-PMIs

BONDS

Largely strong PMIs (particularly on the inflation side) set a bearish tone for the European FI space Thursday, with German instruments underperforming UK counterparts.

  • With Eurozone PMI data looking stagflationary, German Schatz and Bobl yields reached the highest levels in 7-8 years.
  • UK services PMI impressed; 10Y Gilt yields reached the highest levels since 2018.
  • Periphery spreads were mixed (much as equity performance was mixed), with Italian spreads very slightly wider.

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

  • Germany: The 2-Yr yield is up 5.4bps at -0.199%, 5-Yr is up 7.8bps at 0.27%, 10-Yr is up 6.6bps at 0.532%, and 30-Yr is up 4.6bps at 0.665%.
  • UK: The 2-Yr yield is down 0.2bps at 1.348%, 5-Yr is up 1.3bps at 1.415%, 10-Yr is up 1.9bps at 1.646%, and 30-Yr is down 0.7bps at 1.841%.
  • Italian BTP spread up 0.3bps at 152.1bps / Spanish down 2.3bps at 88.1bps
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