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Gilt/Bund Spread Set For Widest Close Of 2023

BONDS

After a brief intraday reprieve, 10Y Gilt yields are again within 0.5bp of the session high of 4.747%.

  • Bund yields (2.706%) aren't quite keeping pace which puts the 10Y UK/German spread in position to close at over 204bp, which would the widest closing level since the Sep/Oct 2022 mini-budget/LDI turmoil.
  • The previous 2023 closing wides were set on Jul 6 at 203.4bp, ; the Sep 27 wide was 227.5bp, the post-1991 high.

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