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EGBs-GILTS CASH CLOSE: Heavy Issuance Again

BONDS

Gilt yields closed Tuesday lower while Bunds ended a sideways trading session flat. Limited data and speakers, with equities a flat/weaker and EUR and GBP gaining on the USD.

  • Heavy issuance again: in syndication, Spain sold E5bn of Oct-71 Obli and the UK sold GBP2.25bn Mar-51 linker; In auctions, Germany allotted E1.1bn of Apr-33 linker and Netherlands sold E6bn of Jul-31 DSL via DDA.
  • 10-Yr BTP spreads rose 2+bps from session lows despite increasing signals from Italian political leaders that Draghi could become the full-time PM as soon as Friday. The move appeared more of a "buy the news, sell the fact" variety and seemingly unrelated to either Italian/broader risk concerns.
  • Wednesday sees French IP and some final Jan CPIs; Riksbank decision also taking some notice, while ECB's de Cos and Visco and BoE's Bailey speak. Supply comes from UK and Germany.

Closing yields/10-Yr Spreads to Bunds:

  • Germany: The 2-Yr yield is down 0.3bps at -0.714%, 5-Yr is down 0.6bps at -0.692%, 10-Yr is down 0.1bps at -0.446%, and 30-Yr is up 0.4bps at 0.023%.
  • UK: The 2-Yr yield is up 0.5bps at -0.028%, 5-Yr is down 1.1bps at 0.07%, 10-Yr is down 1.2bps at 0.463%, and 30-Yr is down 1.8bps at 1.04%.
  • Italian BTP spread up 0.6bps at 95.9bps/Spanish spread up 0.4bps at 57.6bps
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