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EGBs-GILTS CASH CLOSE: Gilts Underperform...Again

BONDS

Gilts underperformed once again, with long-end yields moving higher in both Germany and the UK. 10-Yr UK yields hit widest vs Bunds since Dec 2019. Periphery spreads widened despite a broadly constructive risk-on atmosphere.

  • Germany's Merkel appeared to lay the groundwork for longer lockdown restrictions due to virus mutations. In data, French Feb business/manufacturing confidence missed expectations; Q4 German GDP was revised up.
  • Today's comments by BOE officials including Bailey (who noted that economic scarring from the pandemic will be limited) and Haskel (who sees downside econ risks, and is open to more stimulus) did little to move markets. Thursday sees ECB's Lane, de Guindos, de Cos speaking.

Closing yields/10-Yr Spreads to Bunds:

  • Germany: The 2-Yr yield is unchanged at -0.682%, 5-Yr is up 0.5bps at -0.61%, 10-Yr is up 1.1bps at -0.304%, and 30-Yr is up 1.4bps at 0.209%.
  • UK: The 2-Yr yield is down 1bps at 0.032%, 5-Yr is down 0.6bps at 0.278%, 10-Yr is up 1.3bps at 0.732%, and 30-Yr is up 4.9bps at 1.377%.
  • Italian BTP spread up 3.2bps at 99.1bps / Spanish spread up 1.6bps at 69.5bps
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