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EGBs-GILTS CASH CLOSE: Peripheries Bear Brunt Of Risk Aversion

BONDS

Bunds and Gilts are modestly stronger on the day but yields came off lows even as equities dropped hard on renewed European COVID lockdown fears. Germany's Merkel announced a month-long lockdown and France's Macron is expected to announce similar this evening.

UK/German curves flattened but closed well off flattest levels of the session. A clearer reflection of global risk-off was in periphery yields: Greek 10-Yr spreads blew out nearly 15bps.

ECB meeting will be the focal point Thursday. Closing Levels / 10-Yr Periphery EGB Spreads:

  • Germany: The 2-Yr yield is down 1.5bps at -0.789%, 5-Yr is down 1.1bps at -0.813%, 10-Yr is down 1bps at -0.625%, and 30-Yr is down 1.9bps at -0.215%.
  • UK: The 2-Yr yield is down 1.3bps at -0.062%, 5-Yr is down 1.8bps at -0.072%, 10-Yr is down 1.9bps at 0.213%, and 30-Yr is down 2.6bps at 0.754%.
  • Italian BTP spread up 7.5bps at 139bps
  • Spanish bond spread up 3bps at 80.3bps
  • Portuguese PGB spread up 2.9bps at 77.5bps
  • Greek bond spread up 14.9bps at 169.6bps
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