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EGBs-GILTS CASH CLOSE: Yields Rise Again As ECB Looks More Hawkish

BONDS

An apparent hawkish turn from influential ECB members applied fresh pressure on European FI Friday, with rate hike expectations rising and German yields hitting multi-year highs.

  • The key comment was from Banque de France's Villeroy who said he sees rates in positive territory by year-end.
  • Gilts outperformed, with the short-end continuing to rally post-dovish BoE.
  • 10Y Bund yields rose to the highest since Aug 2014.
  • 10Y BTP spreads rose only slightly but closed above the 200bp mark for the first time since April 2020.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is up 3.5bps at 0.32%, 5-Yr is up 8.5bps at 0.851%, 10-Yr is up 8.8bps at 1.132%, and 30-Yr is up 7bps at 1.241%.
  • UK: The 2-Yr yield is down 4.1bps at 1.506%, 5-Yr is down 1bps at 1.66%, 10-Yr is up 3.1bps at 1.995%, and 30-Yr is up 4.8bps at 2.173%.
  • Italian BTP spread up 0.9bps at 200.4bps / Greek up 3.6bps at 244.4bps
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