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EGBs-GILTS CASH CLOSE: ECB Goes Bigger On PEPP

BONDS

Bunds and Gilts traded mixed to start the week, starting weak but rallying from lows from midday. All the while, with no real conviction or apparent drivers. Periphery spreads were mixed as well.

  • Data showed the ECB posted the highest net PEPP purchases last week (E22.2bn) since the week ending June 26, 2020 (and the highest overall net buys since that date too). It was the biggest week for PSPP purchases since the first week of December 2020.
  • German IFO data came in on the weak side of expectations.
  • ESM sold E2bn of 2031 bonds. Italy mandated banks for a 3-/30-Yr USD BTP sale.

Closing yields/10-Yr Spreads to Bunds:

  • Germany: The 2-Yr yield is up 0.2bps at -0.689%, 5-Yr is up 0.5bps at -0.6%, 10-Yr is up 0.4bps at -0.253%, and 30-Yr is down 0.2bps at 0.288%.
  • UK: The 2-Yr yield is up 1.5bps at 0.051%, 5-Yr is up 1.9bps at 0.327%, 10-Yr is up 1.2bps at 0.756%, and 30-Yr is up 0.6bps at 1.283%.
  • Italian BTP spread up 1.4bps at 105.2bps / Spanish spread down 0.1bps at 65.4bps
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