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EGBs-GILTS CASH CLOSE: BTP Spreads Widen On Supply

BONDS

European bond markets returned from the long weekend on a weak note, but Bunds and Gilts improved from worst levels in the session in tandem with US Tsys.

  • While Bunds weakened by the end of the cash session, Gilts went from underperformer to outperformer.
  • But new issuance stole the show in the afternoon, with Italy announcing a dual-tranche syndication (7-/50-Yr) and Portugal a 10-Yr. 10-Yr BTP spread moved from 98bps to over 100bps on the announcement.
  • Attention Wednesday is on aforementioned syndications (which are likely to take place tomorrow), plus E4bn of German Bobl - and services PMIs. G20 meeting involving finance ministers and central bankers also bears some attention.

Closing yields/10-Yr Spreads to Bunds:

  • Germany: The 2-Yr yield is up 0.7bps at -0.701%, 5-Yr is up 1bps at -0.649%, 10-Yr is up 1.2bps at -0.316%, and 30-Yr is up 0.9bps at 0.235%.
  • UK: The 2-Yr yield is down 0.1bps at 0.075%, 5-Yr is up 0.7bps at 0.373%, 10-Yr is up 0.2bps at 0.797%, and 30-Yr is down 0.6bps at 1.337%.
  • Italian spread +5bps at 100.9bps/ Spain +2.5bps at 66.1bps/ Portugal +2.1bps at 55.7bps
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