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EGBs-GILTS CASH CLOSE: ECB Week Begins With Bund Weakness

BONDS

A strong performance by European equities saw Bunds weaken, though Gilts were a little stronger on the session Monday.

  • Bund yields moved to session highs alongside MNI's Exclusive on ECB policy ("hawks and doves within the Governing Council are biding their time ahead of a bigger battle over the long-term future of its monetary toolkit") published late afternoon.
  • Periphery spreads were lower on the session; Greece (10Y -4.1bps/Bunds) outperformed. This despite 'disappointing' ECB net asset purchase data which saw a small downtick in PEPP buys.
  • BoE's Bailey added little new in his appearance today.

Closing yields/10-Yr Spreads to Bunds:

  • Germany: The 2-Yr yield is up 1bps at -0.68%, 5-Yr is up 2.1bps at -0.594%, 10-Yr is up 2.5bps at -0.277%, and 30-Yr is up 1.6bps at 0.225%.
  • UK: The 2-Yr yield is down 0.2bps at 0.098%, 5-Yr is down 0.8bps at 0.358%, 10-Yr is down 0.2bps at 0.754%, and 30-Yr is down 0.2bps at 1.285%.
  • Italian BTP spread down 2.3bps at 103.3bps/ Spanish spread down 1.9bps at 67.6bps
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