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EGBs-GILTS CASH CLOSE: Gilt Rally Reverses

BONDS

The core FI rally reversed, particularly in Gilts, after the BoE's GBP150bn QE announcement which exceeded the GBP100bn consensus estimate, and Chancellor Sunak's announcement of an extension of the furlough scheme until March. The UK curve bear steepened on the day. Peripheries have outperformed in what has been a risk-on session. Attention after hours is on the US Fed decision.

Closing Levels / 10-Yr Periphery EGB Spreads:

  • Germany: The 2-Yr yield is up 0.9bps at -0.784%, 5-Yr is up 0.5bps at -0.812%, 10-Yr is up 0.1bps at -0.637%, and 30-Yr is up 0.4bps at -0.227%.
  • UK: The 2-Yr yield is up 2.6bps at -0.047%, 5-Yr is up 2.2bps at -0.051%, 10-Yr is up 2.7bps at 0.234%, and 30-Yr is up 3.7bps at 0.801%.
  • Italian BTP spread down 2bps at 130.5bps
  • Spanish bond spread down 0.2bps at 72.8bps
  • Portuguese PGB spread up 1bps at 71.3bps
  • Greek bond spread down 2.5bps at 146.9bps
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