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EGBs-GILTS CASH CLOSE: Big Bear Steepening On Vaccine News

BONDS

One of the most risk-on days in recent memory saw the German and UK long ends get hit hard, with yields closing just off session highs.

  • The trigger was positive Pfizer vaccine news around midday London time, which sent equities soaring, but risk appetite was already rising post-US election.
  • The tightening of periphery spreads had impressed prior to the vaccine announcement, with Greece leading the way following a credit ratings upgrade Friday (the short-end went into negative yield territory). But spreads came well off lows, with BTPs/Bunds moving wider.

Closing Levels / 10-Yr Periphery EGB Spreads:

  • Germany: The 2-Yr yield is up 5.1bps at -0.729%, 5-Yr is up 8bps at -0.722%, 10-Yr is up 11.2bps at -0.509%, and 30-Yr is up 13.1bps at -0.071%.
  • UK: The 2-Yr yield is up 3bps at -0.004%, 5-Yr is up 5.7bps at 0.025%, 10-Yr is up 9.8bps at 0.372%, and 30-Yr is up 10.5bps at 0.963%.
  • Italian BTP spread up 0.5bps at 126.6bps
  • Spanish bond spread down 2.3bps at 69.5bps
  • Portuguese PGB spread down 4.1bps at 66bps
  • Greek bond spread down 5.7bps at 137.9bps
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