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EGBs-GILTS CASH CLOSE: Yields Up Again, French Election In Focus

BONDS

The German curve bear flattened, while the UK's steepened Friday, though yields finished off their peaks.

  • Periphery spreads reversed earlier widening on a Bloomberg sources story saying that the ECB "is working on a crisis tool to deploy in the event of a blowout in the bond yields of weaker euro-zone economies"; though later widened again.
  • While the ECB decision next week is in view (MNI Sources piece here), the 1st round of the French presidential election takes focus going into the weekend (MNI's Preview), with Macron nursing a slender (and recently shrunken) lead over Le Pen.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is up 6.3bps at 0.049%, 5-Yr is up 5bps at 0.527%, 10-Yr is up 2.5bps at 0.706%, and 30-Yr is down 0.3bps at 0.808%.
  • UK: The 2-Yr yield is up 0.9bps at 1.479%, 5-Yr is up 1.2bps at 1.529%, 10-Yr is up 1.9bps at 1.749%, and 30-Yr is up 3.4bps at 1.898%.
  • Italian BTP spread up 3.4bps at 168.7bps / Spanish up 1.3bps at 99.6bps
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