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EGBs-GILTS CASH CLOSE: ECB Hawks Hold Sway

BONDS

Bunds and Gilts weakened sharply in afternoon trade Tuesday, with periphery spreads widening (10Y BTPs just off the August wides).

  • EGB weakness was driven by both inflation breakevens and real rates; Gilts followed suit.
  • Eurozone Aug inflation came in at 3% Y/Y, higher than expected and the highest print since 2011. Accordingly, ECB hawks Holzmann and Knot set a bearish tone, pointing to scope for a reduction of central bank stimulus as the COVID crisis abates.
  • Earlier, Netherlands sold E2bln of DSL and Italy E7.75bln of BTP/CCTeu. Wednesday sees issuance from: ESM, Germany, Greece, and the UK; also final European PMIs.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is up 2.3bps at -0.713%, 5-Yr is up 3.9bps at -0.678%, 10-Yr is up 5.6bps at -0.383%, and 30-Yr is up 6.1bps at 0.092%.
  • UK: The 2-Yr yield is up 10bps at 0.219%, 5-Yr is up 9.2bps at 0.383%, 10-Yr is up 13.6bps at 0.714%, and 30-Yr is up 5.7bps at 1.056%.
  • Italian BTP spread up 4.3bps at 109.2bps / Spanish up 0.6bps at 72.1bps
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