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EGBs-GILTS CASH CLOSE: Early Rally Gives Way To Bear Steepening

BONDS

Early bull flattening gave way to bear steepening over the course of Monday's session, as weekend concerns over a hedge fund default and Suez Canal blockage dissipated.

  • Bund yields jumped around 0900BST on news that Deutsche Bank's exposure to Archegos was relatively limited. Later, fairly high offer-to-cover on BoE's short-dated APF (3.50x) contributed to the bearish tone.
  • Periphery spreads tightened, led by Greece (10Y GGB -1.8bps vs Bunds). UK 5s30s hit highest levels since Mar 19; Germany since the 24th.
  • Data showed ECB net asset purchases slowed slightly last week, though E19.0bn of PEPP buys was comparable to last week's accelerated pace.
  • Attention turns to Tuesday's inflation data (Spain and Germany), as well as BTP supply.

Closing yields/10-Yr Spreads to Bunds:

  • Germany: The 2-Yr yield is up 0.6bps at -0.709%, 5-Yr is up 1.9bps at -0.657%, 10-Yr is up 2.8bps at -0.318%, and 30-Yr is up 3.2bps at 0.248%.
  • UK: The 2-Yr yield is up 0.6bps at 0.067%, 5-Yr is up 0.9bps at 0.341%, 10-Yr is up 3.1bps at 0.788%, and 30-Yr is up 3.7bps at 1.319%.
  • Italian BTP spread down 0.7bps at 95.7bps/ Spanish spread down 0.2bps at 63.1bps
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