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EGBs-GILTS CASH CLOSE: Gilts Bear Steepen, BTP Spreads Widen​​

BONDS

The last trading day of October saw Gilt yields rise in a bear steepening motion, with Bunds mixed and Italian spreads widening sharply. The latter contrasted with the rest of the periphery, which saw tightening spreads.

Little reaction to this morning's above-expected GDP figures across the board, with more attention on the December delivery of action from Thursday's dovish ECB meeting, and of course the negative economic impact of lockdowns across Europe.

Focus next week will be on the BoE and FOMC meetings, not to mention the US election.

Closing Levels / 10-Yr Periphery EGB Spreads:

  • Germany: The 2-Yr yield is up 1.5bps at -0.794%, 5-Yr is up 1.2bps at -0.82%, 10-Yr is up 0.9bps at -0.627%, and 30-Yr is up 0.6bps at -0.218%.
  • UK: The 2-Yr yield is up 2.5bps at -0.032%, 5-Yr is up 2.9bps at -0.038%, 10-Yr is up 4.1bps at 0.262%, and 30-Yr is up 6.4bps at 0.831%.
  • Italian BTP spread up 5.9bps at 138.7bps
  • Spanish bond spread down 0.7bps at 76.2bps
  • Portuguese PGB spread down 0.8bps at 73.2bps
  • Greek bond spread down 1.3bps at 157.6bps
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