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EGBs-GILTS CASH CLOSE: BTPs Gain Ahead Of Tuesday Politics

BONDS

Bunds and Gilts closed mixed after earlier weakness, in a mostly risk-on session to open the month / week, with periphery EGB spreads tightening.

  • Markets largely looked through weak data in the morning (Spanish Mfg PMI and German retail sales, though Italian PMI was strong).
  • BTPs looking through political risk amid Tuesday deadline set by Pres Mattarella for PM Conte and relevant parties to come up with a resolution to the current impasse.
  • Issuance picking up w EUR benchmark mandates announced for Finland, Cyprus, Belgium, see our previews out earlier. Tuesday will also be eyed for French flash CPI and Italy and Eurozone Q4 prelim GDP.

Closing yields/10-Yr Spreads to Bunds:

  • Germany: The 2-Yr yield is up 1bps at -0.723%, 5-Yr is up 0.5bps at -0.73%, 10-Yr is up 0.2bps at -0.516%, and 30-Yr is unchanged at -0.077%.
  • UK: The 2-Yr yield is unchanged at -0.106%, 5-Yr is down 0.6bps at -0.034%, 10-Yr is down 0.6bps at 0.321%, and 30-Yr is down 0.5bps at 0.892%.
  • Italian BTP spread down 2.4bps at 113.7bps
  • Spanish bond spread down 0.5bps at 61.1bps
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