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EGBs-GILTS CASH CLOSE: Italy Easily Outperforms

BONDS

BTPs impressed to start the week, with Gilts and Bunds little changed, and futures rolling remaining a key theme going into the Eurex last trade date Wednesday.

  • Italian 10Y spreads fell sharply following Friday's after-hours surprise ratings upgrade from Fitch (to BBB from BBB-). Conversely, Greek spreads widened following today's announcement of an exchange/buyback with bid deadline Friday.
  • 10Y Gilt yields dipped to fresh post-Sept lows; 30s to post-Jan lows. BoE Broadbent's comments today don't suggest he will vote imminently for a hike; little market reaction.
  • Bunds were little changed, with early weakness (despite weak factory orders data) reversing.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is up 1.7bps at -0.726%, 5-Yr is up 0.8bps at -0.626%, 10-Yr is unchanged at -0.388%, and 30-Yr is up 0.6bps at -0.09%.
  • UK: The 2-Yr yield is down 0.7bps at 0.468%, 5-Yr is down 1bps at 0.576%, 10-Yr is down 0.9bps at 0.738%, and 30-Yr is down 1.5bps at 0.825%.
  • Italian BTP spread down 3.6bps at 126.7bps / Greek up 5.5bps at 165.6bps
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