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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:

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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:

Keep reading...Show less