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EGBs-GILTS CASH CLOSE: Weak End To The Month

BONDS

Gilts weakened and the German curve bear steepened to highest levels since September (5s30s) in the last session of January.

  • Mixed-to-positive news from JnJ's vaccine efficacy data, pushback from Rtrs Sources and Makhlouf on ECB rate cut prospects, and strong Q4 European GDP readings lent bearish tone, even as equities headed lower.
  • Italian spreads drifted off early tight levels on headlines that Salvini urged Pres Mattarella to call early elections. Though not particularly surprising, it brought snap election risk back to the forefront just ahead of the weekend. Headlines that 5-Star would back Conte helped spreads down later.
  • Next week's schedule highlighted by the Bank of England decision.

Closing yields/10-Yr Spreads to Bunds:

  • Germany: The 2-Yr yield is up 1.2bps at -0.733%, 5-Yr is up 1.7bps at -0.735%, 10-Yr is up 2.1bps at -0.518%, and 30-Yr is up 2.4bps at -0.077%.
  • UK: The 2-Yr yield is up 0.7bps at -0.106%, 5-Yr is up 1.4bps at -0.028%, 10-Yr is up 4bps at 0.327%, and 30-Yr is up 4.7bps at 0.897%.
  • Italian BTP spread down 1.4bps at 116.1bps/ Spanish up 0.4bps at 61.6bps
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