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EGBs-GILTS CASH CLOSE: Going With The Risk-On Flow

BONDS

EGBs have broadly traded within ranges, with Gilts moderately weaker on a decidedly risk-on day (equities up 2+%) ahead of US election results and in anticipation of the BoE on Thursday.

  • Periphery spreads tighter too, led by Greece.
  • Apart from the US elections overnight, Brexit headlines to be watched (FT's splash that "Barnier to signal lack of Brexit breakthrough on key issues" had minimal impact on Gilts).
  • A bit of data coming on Weds morning, namely Oct Spain / Italy Oct Svcs/Composite PMI, and Oct Spain unemployment.

Closing Levels / 10-Yr Periphery EGB Spreads:

  • Germany: The 2-Yr yield is up 1.1bps at -0.794%, 5-Yr is up 1.8bps at -0.807%, 10-Yr is up 2bps at -0.62%, and 30-Yr is up 1.6bps at -0.214%.
  • UK: The 2-Yr yield is up 3.2bps at -0.042%, 5-Yr is up 4bps at -0.038%, 10-Yr is up 5.3bps at 0.272%, and 30-Yr is up 5.2bps at 0.84%.
  • Italian BTP spread down 3.4bps at 135.4bps
  • Spanish bond spread down 3.1bps at 73bps
  • Portuguese PGB spread down 3.2bps at 70.2bps
  • Greek bond spread down 5bps at 151.7bps
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