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2026-02-16 21:02:14
[GBP Swap Spreads Narrow Across the Board, 2-Year Leads the Decline] ⑴ On Monday, GBP swaps underperformed UK government bonds, with spreads narrowing across all maturities. Data shows that the 2-year spread narrowed by 0.4 basis points, the 5-year by 0.5 basis points, the 10-year by 0.3 basis points, and the 30-year by 0.2 basis points. ⑵ Note: Since the SONIA swap spread curve is generally negative, "widening" indicates a more negative spread (i.e., swaps outperform government bonds), and "narrowing" indicates a lessening of the negative value.
