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Bunds Sink On Brexit Deal Optimism

EGB SUMMARY

Multiple headlines suggesting that a Brexit deal could be reached as soon as today or tomorrow drove Bund futures to their weakest levels in 3 weeks, with periphery spreads moving lower.

  • The German curve has bear steepened sharply since around 1340BST when Reuters reported that EU states have started to prepare for implementation of a deal on Jan 1.
  • Since then, the wires have been buzzing with reports the deal is all but done, others that such claims are slightly premature though some negotiations still remain.
  • Either way, it's been the dominant story of the day, and looks likely to continue as such Thursday, with little else on the docket (ECB Econ Bulletin) in a holiday-shortened session.

Latest levels:

  • Mar Bund futures (RX) down 74 ticks at 177.19 (L: 177.02 / H: 178.18). German 2-Yr yield is up 3bps at -0.706%, 5-Yr is up 4.1bps at -0.721%, 10-Yr is up 5bps at -0.545%, and 30-Yr is up 5.2bps at -0.146%.
  • Mar BTP futures (IK) down 60 ticks at 151.27 (L: 151.17 / H: 152.05)
  • Italy / German 10-Yr spread 0.1bps tighter at 114.9bps
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BulletMarketsFixed Income Bullets

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