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EGBs-GILTS CASH CLOSE: Drifting Weaker

BONDS

Bunds and Gilts weakened with some modest bear steepening in the cash curve Monday, with periphery yields drifting wider.

  • A U.S. holiday meant price action and trade volumes were more subdued than usual.
  • The calendar highlight was services / composite PMIs: Italy and Spain beat expectations, while the rest were finals (Eurozone revised higher).
  • Supply picks up Tuesday with Austria selling E1.5bln of RAGB, Germany E0.6bln of linkers, and the UK GBP4.25bln of Gilts. France expected to syndicate E5bln WNG 30-Yr.
  • Attention after hours is on the UK pandemic restriction easing announcement.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is up 1.1bps at -0.66%, 5-Yr is up 2.1bps at -0.584%, 10-Yr is up 2.5bps at -0.21%, and 30-Yr is up 2.5bps at 0.298%.
  • UK: The 2-Yr yield is down 0.1bps at 0.057%, 5-Yr is down 0.4bps at 0.314%, 10-Yr is up 1.1bps at 0.714%, and 30-Yr is up 1bps at 1.236%.
  • Italian BTP spread up 0.8bps at 101.5bps/Spanish spread up 0.3bps at 60.8bps
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