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EGBs-GILTS CASH CLOSE: Bear Flattening, Though Greece Impresses

BONDS

European FI ended Wednesday largely weaker, though off worst levels seen early in the session, with short-end/belly yields underperforming in tandem with rising U.S. rate hike expectations.

  • Bunds and Gilts bear flattened, with the UK underperforming.
  • A Reuters sources report that some ECB governors advocate delaying decisions on stimulus plans beyond the Dec 16 meeting a little after midday GMT saw eurozone FI strengthen; Greek bonds easily outperformed on the session following this report.
  • We saw further gains into the cash close as headlines crossed that Chancellor Merkel proposing lockdowns for unvaccinated Germans.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is up 2.4bps at -0.713%, 5-Yr is up 2.2bps at -0.596%, 10-Yr is up 0.4bps at -0.345%, and 30-Yr is up 0.6bps at -0.052%.
  • UK: The 2-Yr yield is up 4.3bps at 0.527%, 5-Yr is up 3.3bps at 0.653%, 10-Yr is up 0.9bps at 0.818%, and 30-Yr is up 3.2bps at 0.885%.
  • Italian BTP spread up 3.7bps at 135.5bps / Greek down 5.2bps at 156.1bps
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