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EGBs-GILTS CASH CLOSE: Yields Settle Lower Amid Pre-ECB Squaring

BONDS

Core European bond yields eased from fresh multi-year highs set earlier in the session, settling lower by Tuesday's cash close with modest bull flattening in both the UK and German curves.

  • With little data and few headline drivers, the moves were seen as largely squaring/short-covering ahead of Thursday's ECB meeting. Though rate hike pricing didn't change much on the session, there was continued volatility in Periphery EGB spreads amid ongoing speculation over an anti-fragmentation tool.
  • Periphery spreads easily outperformed, highlighted by a 9+bp drop in Italian 10Y spreads to the psychologically crucial 200bp mark once again.
  • Our ECB preview went out earlier today.

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

  • Germany: The 2-Yr yield is down 2.4bps at 0.669%, 5-Yr is down 2.1bps at 1.029%, 10-Yr is down 2.9bps at 1.293%, and 30-Yr is down 4.9bps at 1.526%.
  • UK: The 2-Yr yield is down 3.3bps at 1.747%, 5-Yr is down 2.5bps at 1.844%, 10-Yr is down 3.3bps at 2.214%, and 30-Yr is down 5.6bps at 2.425%.
  • Italian BTP spread down 9.2bps at 200.2bps / Spanish down 4.5bps at 111.6bps
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