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EGBs-GILTS CASH CLOSE: Flattening Retraces Ahead Of ECB Decision

BONDS

The German and UK curves bear steepened Wednesday, retracing some of the earlier week's flattening amid a rebound in equities and ahead of the ECB meeting Thursday.

  • Periphery spreads were flat/tighter in a broadly risk-on session.
  • Little impactful on the headline front, with data being of a 2nd tier nature (UK public finances) and the only bond supply from Germany (Bund, EUR1.23bn allotted).
  • Of note, the UK gov't demanded a re-write of the Northern Ireland protocol in the Brexit Withdrawal Agreement, setting up a showdown with the E.U. in coming months.
  • Attention turns firmly to the ECB decision, which is the only calendar item of note Thursday.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is down 0.1bps at -0.715%, 5-Yr is up 0.6bps at -0.682%, 10-Yr is up 1.5bps at -0.395%, and 30-Yr is up 3bps at 0.088%.
  • UK: The 2-Yr yield is up 0.9bps at 0.102%, 5-Yr is up 1.9bps at 0.301%, 10-Yr is up 3.9bps at 0.603%, and 30-Yr is up 4.6bps at 1.056%.
  • Italian BTP spread down 1.3bps at 108.3bps / Spanish spread down 0.1bps at 67bps
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