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EGBs-GILTS CASH CLOSE: Locking It Down

BONDS

Bund and Gilt yields came off early afternoon highs amid position squaring ahead of the US holiday and continued fears over European lockdowns. BTP spreads widened further; Greece underperformed.

  • Italy's cabinet approved Covid curbs for the unvaccinated, Slovakia imposed a 2 week lockdown.
  • Bunds spiked this morning on rumors that Germany would announce a full lockdown, but the move faded as various headlines proved unsubstantiated (for now). Germany parties agreed on a new gov't as expected, reports said SPD got the right to nominate the next Bundesbank president.
  • German IFO data came in a little weak.
  • ECB's Kazaks told MNI that PEPP should be limited in size and duration, but used flexibly.
  • Weidmann said though Germany's recovery is lagging, the ECB shouldn't commit to loose policy for too long. BOE's Tenreyro noted both "pros and cons" to whether the first hike is in Dec or Feb.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is down 1.4bps at -0.743%, 5-Yr is down 1bps at -0.555%, 10-Yr is down 0.8bps at -0.228%, and 30-Yr is up 1.1bps at 0.116%.
  • UK: The 2-Yr yield is down 0.9bps at 0.587%, 5-Yr is up 0.2bps at 0.747%, 10-Yr is down 0.1bps at 0.996%, and 30-Yr is down 0.6bps at 1.077%.
  • Italian BTP spread up 2.1bps at 130.2bps / Greek up 5.6bps at 159.1bps
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