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EGBs-GILTS CASH CLOSE: Another Long-End Rally

BONDS

The German and UK long-ends saw another impressive rally Wednesday, with yields hitting multi-month lows, though periphery spreads widened.

  • For the 2nd consecutive session, the impressive rally had no single catalyst. Concerns over weaker growth on the Delta COVID variant appeared to weigh, and the USD strengthened, but with equities rallying, it once again wasn't a risk-off session.
  • An FT report that the ECB could issue conclusions on its Strategy Review as soon as tomorrow garnered attention; MNI cited sources that no announcement will be made today.
  • Today saw the UK have a strong sale of linkers (GBP0.6bln), with Germany allotting E3.9bln of Bobl. Thursday sees Ireland sell up to E1.5bln of IGB.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is up 0.2bps at -0.676%, 5-Yr is up 2.7bps at -0.594%, 10-Yr is down 3bps at -0.298%, and 30-Yr is down 3.7bps at 0.187%.
  • UK: The 2-Yr yield is up 1.1bps at 0.062%, 5-Yr is down 2.3bps at 0.255%, 10-Yr is down 3.4bps at 0.6%, and 30-Yr is down 4.4bps at 1.121%.
  • Italian BTP spread up 2.7bps at 103.9bps / Spanish spread up 1.6bps at 62.8bps
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