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EGBs-GILTS CASH CLOSE: Bear Steepening Post-U.S. Senate Elections

BONDS

Bunds and Gilts bear steepened Wednesday, with periphery spreads tightening, largely on greater anticipation of US fiscal expansion following the Georgia Senate elections.

  • Broadly disappointing Dec services PMI helped core FI recover some lost ground in the morning.
  • We saw a rally in Gilts to session highs and buying throughout the Short Sterling strip, following our MNI BoE exclusive on Negative rates just before 1400GMT.
  • Thursday sees French and Spanish bond auctions, German factory orders and Italy+Eurozone Dec flash inflation data.

Closing Levels / 10-Yr Periphery EGB Spreads:

  • Germany: The 2-Yr yield is up 1.4bps at -0.702%, 5-Yr is up 1.8bps at -0.729%, 10-Yr is up 5.7bps at -0.52%, and 30-Yr is up 2.9bps at -0.137%.
  • UK: The 2-Yr yield is up 0.9bps at -0.134%, 5-Yr is up 1.4bps at -0.078%, 10-Yr is up 3.4bps at 0.243%, and 30-Yr is up 4.4bps at 0.823%.
  • Italian BTP spread down 5.6bps at 108.7bps / Spanish down 4.6bps at 56.6bps
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