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EGBs-GILTS CASH CLOSE: Data Takes Top Billing

BONDS

The Bund and Gilt curves flattened modestly Wednesday, but an early fall in yields fully reversed following stronger-than-expected PMI data for Germany, France, and the UK.

  • Some mixed interpretations of the PMI data (ie survey taken before renewed lockdowns in the Eurozone) dampened the impact, however, with yields well off highs by session's end. Earlier, UK Feb inflation came in much weaker than expected, helping boost Gilts at the open.
  • Periphery EGBs continued their recent impressive performance, tightening vs Bunds.
  • EU-UK vaccine tensions simmered, though a WSJ reporter suggested a mutual statement on cooperation could be issued this evening. Looking ahead, Thursday's highlights include the European Council summit which will include discussion of the COVID vaccine situation.
  • We also get Italian BTP linker + 2022 nominal auction Thursday, and appearances by BOE's Bailey and ECB's Lagarde among many others.

Closing yields/10-Yr Spreads to Bunds:

  • Germany: The 2-Yr yield is down 0.3bps at -0.712%, 5-Yr is down 1.2bps at -0.682%, 10-Yr is down 1.2bps at -0.353%, and 30-Yr is down 2.1bps at 0.21%.
  • UK: The 2-Yr yield is up 1.5bps at 0.061%, 5-Yr is up 0.4bps at 0.334%, 10-Yr is down 0.5bps at 0.758%, and 30-Yr is down 0.6bps at 1.282%.
  • Italian BTP spread up 0.1bps at 94.4bps /Spanish spread down 0.6bps at 62.8bps
BulletMarketsFixed Income Bullets
BulletMarketsFixed Income Bullets

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