Gilts Close Gap Versus Italy, Spain on Brexit Uncertainty: Chart

The spread between the U.K.’s benchmark government bond yield and similarly dated bonds from Italy and Spain has narrowed after touching multi-month highs last week amid uncertainty over Britain’s referendum on its European Union membership. U.K. 10-year government bond yields have declined this quarter, while Italy and Spain yields have increased. The extra yield that investors get for holding Spanish 10-year notes instead of U.K. gilts is 23 basis points, compared with a two-year high of 49 basis points on June 16. 

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