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EGBs-GILTS CASH CLOSE: Big Rally On Lagarde's "Close Monitoring"

BONDS
Gilts and Bunds rallied after a weak open to the session, on comments by ECB Pres Lagarde that "the ECB is closely monitoring the evolution of longer-term nominal bond yields".
  • This was seen as an unambiguously dovish development given that her comments come amid a rise in yields, and were in reference to banks passing through higher rates to clients.
  • This overshadowed UK PM Johnson's announcement re the schedule to end lockdown over the coming months, the details of which had been largely anticipated.
  • Periphery spreads came off early wides on Lagarde's comments as well.

Closing yields/10-Yr Spreads to Bunds:

  • Germany: The 2-Yr yield is down 0.5bps at -0.686%, 5-Yr is down 2.1bps at -0.629%, 10-Yr is down 3.4bps at -0.339%, and 30-Yr is down 4.6bps at 0.167%.
  • UK: 10-Yr is down 1.9bps at 0.679%, and 30-Yr is down 1.3bps at 1.255%.
  • Italian BTP spread up 0.7bps at 93.6bps / Spanish spread up 0.6bps at 66.6bps
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