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EGBs-GILTS CASH CLOSE: Big Supply Weighs

BONDS

Heavy supply weighed on European bonds all session, with Italy, Germany, Ireland and Slovenia combining to sell EUR22.3bln via syndications and auction today.

  • The German curve bear steepened, but solid demand for Italy 15-Yr sale helped periphery spreads tighten. In the UK, Chancellor Sunak's announcement of a GBP4.6bn lockdown support package for businesses helped keep a lid on Gilts, which also bear steepened.
  • Supply slows a bit Weds but we still get 10-Yr auctions from the UK (GBP3bn) and Germany (E5bn of new Bund). Also, Services PMI and Inflation data tomorrow.

Closing Levels / 10-Yr Periphery EGB Spreads:

  • Germany: The 2-Yr yield is up 0.6bps at -0.716%, 5-Yr is up 1.5bps at -0.747%, 10-Yr is up 2.7bps at -0.577%, and 30-Yr is up 3bps at -0.166%.
  • UK: The 2-Yr yield is up 1bps at -0.143%, 5-Yr is up 1.1bps at -0.092%, 10-Yr is up 3.6bps at 0.209%, and 30-Yr is up 4.9bps at 0.779%.
  • Italian BTP spread down 0.9bps at 114.3bps / Spanish spread down 1.5bps at 61.2bps
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