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EGBs-GILTS CASH CLOSE: Gains Reverse Despite Lockdown Fears

BONDS

Bunds and Gilts reversed early gains Monday, with yields rising in the afternoon, making up significant ground on Friday's drop.

  • Several bearish factors played into the afternoon weakness, including Fed's Powell being re-nominated as Chair (as opposed to a more dovish replacement), and ECB's Villeroy saying the bank is "serious" about ending PEPP. BTP spreads widened; Gilts underperformed Bunds.
  • One undercurrent in the session was the spectre of further COVID lockdowns (Austria started one today, while Germany's Merkel called for tighter restrictions), which kept a lid on equity gains and helped a safe haven bid overnight.
  • Light on data today but Tuesday sees flash PMIs.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is up 3.9bps at -0.739%, 5-Yr is up 4.1bps at -0.596%, 10-Yr is up 4.1bps at -0.301%, and 30-Yr is up 3.8bps at 0.028%.
  • UK: The 2-Yr yield is up 4.5bps at 0.534%, 5-Yr is up 3.8bps at 0.681%, 10-Yr is up 5.5bps at 0.934%, and 30-Yr is up 4.7bps at 1.071%.
  • Italian BTP spread up 4.2bps at 124.7bps / Spanish down 0.7bps at 71.8bps
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