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EGBs-GILTS CASH CLOSE: Decisively Risk-Off

BONDS

The trading week began with clear-cut risk-off price action, with yields tumbling as stocks and commodities fell sharply.

  • Concerns over extended and widening lockdowns in China saw the German and UK curves aggressively bull steepen.
  • The bond rally accelerated late in the session as equities relapsed following a modest afternoon rebound. Closing 5Y German yields saw their 2nd biggest drop since 2011 (Mar 1st was the biggest).
  • Periphery spreads widened; BTPs closed at the richest to Bunds since June 2020.

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

  • Germany: The 2-Yr yield is down 13.7bps at 0.146%, 5-Yr is down 16.3bps at 0.589%, 10-Yr is down 13.5bps at 0.837%, and 30-Yr is down 8.4bps at 0.985%.
  • UK: The 2-Yr yield is down 16.1bps at 1.553%, 5-Yr is down 13.5bps at 1.625%, 10-Yr is down 12.2bps at 1.841%, and 30-Yr is down 9.1bps at 1.947%.
  • Italian BTP spread up 4.1bps at 173.9bps / Spanish up 2.2bps at 98.7bps
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