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EGBs-GILTS CASH CLOSE: Core FI Yields Succumb To Safe Haven Gravity

BONDS

Bund and Gilt yields succumbed to the gravity of weakening equities as Wednesday's session progressed, with yields closing well off session highs. Meanwhile periphery spreads traded in a fairly wide range, settling higher.

  • In some ways it was a case of simple risk-off (with equities sharply lower amid a cryptocurrency meltdown), but short cover/profit taking helped core FI, and EGB supply ahead potentially weighed on peripheries too: Thursday sees Spain sell up to E6bln nominal and France up to E13.5bln of nominal and linkers.
  • Germany allotted E3.4bln of Bund (weakest 10-year auction in terms of bid-to-cover and bid-to-offer since Mar 2020), Finland sold E3bln of 2031 RFGB via syndication. UK sold Gilts (GBP2.5bn), Portugal BTs (E1.75bn) and the EFSF (E1bln).
  • Apart from EGB supply, main items on Thursday's calendar are ECB speakers (incl Lane, Lagarde, and Villeroy).

Closing yields/10-Yr Spreads to Bunds:

  • Germany: The 2-Yr yield is down 0.3bps at -0.647%, 5-Yr is down 0.1bps at -0.506%, 10-Yr is down 0.7bps at -0.11%, and 30-Yr is down 1.7bps at 0.447%.
  • UK: The 2-Yr yield is down 1.3bps at 0.075%, 5-Yr is down 1.1bps at 0.374%, 10-Yr is down 2bps at 0.848%, and 30-Yr is down 1.9bps at 1.398%.
  • Italian BTP spread up 1.7bps at 122.8bps/ Spanish spread up 1.3bps at 71.8bps
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