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EGBs-GILTS CASH CLOSE: Yields Maintain Rise Despite Equity Fade

BONDS

Core EGB and Gilt yields rose sharply to start the week.

  • While initial bond weakness came alongside a morning rebound in equities, yields gave nothing back in the afternoon as stocks retraced and risk appetite faded.
  • Short end / belly underperformed in Germany (Bobl yields in particular underperformed), while the UK curve more clearly bear steepened.
  • Fairly minimal newsflow and fairly light volumes, with ECB speakers (incl Lagarde, Lane) due to speak in the next 24 hours.
  • Periphery EGB spreads tightened for the most part, with 10Y BTPs coming back down through the 200bp mark vs Germany.

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

  • Germany: The 2-Yr yield is up 9.2bps at 0.905%, 5-Yr is up 12.6bps at 1.289%, 10-Yr is up 10.5bps at 1.547%, and 30-Yr is up 6.1bps at 1.752%.
  • UK: The 2-Yr yield is up 8.1bps at 2.013%, 5-Yr is up 8.6bps at 2.04%, 10-Yr is up 9.1bps at 2.393%, and 30-Yr is up 9.7bps at 2.644%.
  • Italian BTP spread down 5bps at 197.1bps / Greek down 2.9bps at 230.9bps
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