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EGBs-GILTS CASH CLOSE: A Session That Had It All

BONDS

Wednesday's risk-off session had it all, from large supply (incl syndications from Greece, Austria, Slovenia), to diplomatic intrigue over COVID vaccines pitting the EU against supplier AstraZeneca.

  • But the highlight was a BBG report mid-afternoon citing unnamed officials as saying the ECB have agreed to push back on market rate cut skepticism.
  • That pushed Bunds and Gilts to session highs, with peripheries largely keeping pace. However the move has since retraced and we are only slightly stronger in the UK and German curves.
  • Attention turns to the US Federal Reserve decision after hours.

Closing yields/10-Yr Spreads to Bunds:

  • Germany: The 2-Yr yield is down 1.8bps at -0.741%, 5-Yr is down 1.7bps at -0.751%, 10-Yr is down 1.3bps at -0.546%.
  • UK: The 2-Yr yield is up 0.7bps at -0.131%, 5-Yr is up 0.8bps at -0.055%, 10-Yr is up 0.4bps at 0.269%, and 30-Yr is down 0.6bps at 0.832%.
  • Italian BTP spread up 2.1bps at 120.1bps / Spanish up 1.4bps at 62bps
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