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EGBs-GILTS CASH CLOSE: Hawkish Saunders Sinks Gilts

BONDS

Gilts underperformed Thursday after the BoE's Saunders suggested that it may soon be appropriate to withdraw pandemic stimulus. The Gilt move also weakened Bunds (and Treasuries), with bear steepening in the curves and periphery spreads widening.

  • Prior to Saunders' comments at 1100BST, it was shaping up as a constructive morning for core FI, with some bull flattening resuming from Wednesday.
  • By comparison, data didn't really have much impact (UK jobs data basically in line with expectations). It was a fairly heavy supply day, with E10.5bln in French OATS and E1.7bln in linkers, and Spain selling E3.5bln - but again, no discernable impact.
  • Friday sees no tier-1 data (Eurozone inflation figures are finals), no bond supply, and no scheduled ECB / BoE speakers.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany:

  • Germany: The 2-Yr yield is up 0.1bps at -0.677%, 5-Yr is down 0.6bps at -0.624%, 10-Yr is down 1.5bps at -0.334%, and 30-Yr is down 2.5bps at 0.152%.
  • UK: The 2-Yr yield is up 6.5bps at 0.147%, 5-Yr is up 6.1bps at 0.358%, 10-Yr is up 3.5bps at 0.662%, and 30-Yr is up 4.2bps at 1.145%.
  • Italian BTP spread up 2.5bps at 105.4bps/ Spanish up 0.9bps at 64.1bps
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