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EGBs-GILTS CASH CLOSE: BTPs Underperform Amid Broader Weakness

BONDS

Bunds and Gilts weakened modestly in Monday trade, with yields coming off late-morning highs to leave curves mixed (UK bear flatter, Germany bear steeper).

  • Weakness mirrored a rebound in equities and oil from Friday's lows. And Core FI appeared to shrug off weaker-than-expected but still solid Aug flash PMI readings.
  • Notably though, periphery spreads widened, led by Italy (10Y spread above 107bp to Bunds for first time since the start of the month). No particular trigger and slightly at odds with broader risk-on sentiment.
  • In issuance, Germany sells 7Y Bund and UK 5Y Gilt tomorrow; Finland also expected to sell E3bln 5Y RFGB via syndication.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is up 0.1bps at -0.747%, 5-Yr is up 0.6bps at -0.742%, 10-Yr is up 1.5bps at -0.48%, and 30-Yr is up 2bps at -0.031%.
  • UK: The 2-Yr yield is up 1.4bps at 0.115%, 5-Yr is up 1.9bps at 0.261%, 10-Yr is up 1.3bps at 0.536%, and 30-Yr is up 0.6bps at 0.946%.
  • Italian BTP spread up 2bps at 106.1bps / Spanish up 0.5bps at 71.1bps
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