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EGBs-GILTS CASH CLOSE: BTPs Rally On A Risk-Off Day

BONDS

Two main stories in the European bond space today: 1) major risk-off with equities having one of their worst sessions since March (FTSE and Eurostoxx off 3-4%), boosting core FI, and 2) BTP spreads breathing a sigh of relief after early widening, with a better-than-expected showing for the Democratic Party in regional elections.

COVID lockdown fears were an undercurrent; the UK could announce some measures as soon as tomorrow. Otherwise, Aug Public Sector Finances and a BoE Bailey appearance highlight Tuesday's UK calendar; ECB's Lane appears. Also, we get Dutch and German bond auctions. Closing levels:

  • Germany: The 2-Yr yield is down 2.9bps at -0.725%, 5-Yr is down 3.9bps at -0.728%, 10-Yr is down 4.5bps at -0.53%, and 30-Yr is down 5.6bps at -0.095%.
  • UK: The 2-Yr yield is down 0.8bps at -0.121%, 5-Yr is down 1.1bps at -0.137%, 10-Yr is down 2.6bps at 0.157%, and 30-Yr is down 3.2bps at 0.718%.

10-Yr Periphery EGB Spreads:

  • Italian BTP spread up 0.1bps at 144.8bps
  • Spanish bond spread up 1.3bps at 78.3bps
  • Portuguese PGB spread up 1.4bps at 80bps
  • Greek bond spread up 4.8bps at 161.1bps
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