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EGBs-GILTS CASH CLOSE: Conte Rescues BTPs

BONDS

Bunds and Gilts performed strongly for most of the session with bull flattening, and BTPs caught up as political risk reduced somewhat.

  • BTPs rallied with 10-Yr spreads vs Bunds dropping 3.5bps when PM Conte said he's working on a new coalition pact that would last until the end of the legislature - easing fears of an imminent gov't collapse. This left spreads flat after earlier widening.
  • As cash close arrived, coalition partner Renzi was due to give a press conference, w Conte due to speak in the evening.
  • Thurs to be a quieter day for supply (Weds saw Spain selling E10bn in new Obli, Germany/Portugal/UK sales too) with just Italy selling 3-/7-/30-Yr BTP. ECB publishes accounts of December meeting. No data of note.
Closing Yields / 10-Yr Periphery Spreads:
  • Germany: The 2-Yr yield is down 1.4bps at -0.705%, 5-Yr is down 1.7bps at -0.705%, 10-Yr is down 5.4bps at -0.522%, and 30-Yr is down 5.7bps at -0.122%.
  • UK: The 2-Yr yield is down 3.1bps at -0.108%, 5-Yr is down 2.3bps at -0.011%, 10-Yr is down 4.5bps at 0.307%, and 30-Yr is down 5bps at 0.878%.
  • Italian BTP spread up 0.4bps at 112.2bps / Spain up 1.3bps at 59.1bps
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