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EGBs-GILTS CASH CLOSE: ECB Starts Putting PEPP Talk Into Action

BONDS

Core FI curves bull flattened, with Gilts outperforming Monday, though yields came off lows as early risk-off (related to Turkey concerns and EU-UK vaccine rhetoric) faded.

  • Eagerly anticipated data showed ECB net asset purchases picked up last week, with PEPP purchases the fastest since early December (E21.1bn). The muted reaction suggested that markets were prepared for a figure around this level, 11 days after the ECB pledged to accelerate buys, though BTP spreads tightened steadily after the release.
  • Earlier, ECB's Knot said the ECB may be able to begin talks on unwinding accommodation later this year if there is "good progress with vaccinations". Nothing new in a Pres Lagarde blog post.
  • Tues sees UK labor market data, EU SURE double-tranche syndication and Dutch DSL auction; speakers including BOE's Haldane and ECB's Villeroy.

Closing yields/10-Yr Spreads to Bunds:

  • Germany: The 2-Yr yield is down 0.5bps at -0.7%, 5-Yr is down 0.9bps at -0.654%, 10-Yr is down 1.7bps at -0.311%, and 30-Yr is down 1.7bps at 0.265%.
  • UK: The 2-Yr yield is down 1.9bps at 0.074%, 5-Yr is down 1.7bps at 0.37%, 10-Yr is down 2.4bps at 0.814%, and 30-Yr is down 2.5bps at 1.341%.
  • Italian BTP spread unchanged at 95.8bps/ Spanish spread up 0.8bps at 64.9bps
BulletMarketsFixed Income Bullets
BulletMarketsFixed Income Bullets

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