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EGBs-GILTS CASH CLOSE: Italy Spreads Widen On Pol Risk

BONDS

Wider periphery spreads and stronger core FI were the themes of Thursday's session.

  • Italian spreads ended wider on continued political uncertainty, with PM Conte set to address parliament (time/date TBD).
  • The cash trading day ended with news of deepening lockdowns: France set to extend an 1800CET curfew across the country, with Bild reporting Germany's Merkel seeking to toughen lockdowns nationwide including school closures and potentially curfews. Little impact though as core FI had already rallied most of the day.
  • Friday sees UK GDP data and some final Dec Eurozone nat'l CPIs, but no supply.

Closing levels:

  • Germany: The 2-Yr yield is down 2.2bps at -0.727%, 5-Yr is down 3.5bps at -0.74%, 10-Yr is down 2.8bps at -0.55%, and 30-Yr is down 2.4bps at -0.146%.
  • UK: The 2-Yr yield is down 1.2bps at -0.12%, 5-Yr is down 1.5bps at -0.026%, 10-Yr is down 1.6bps at 0.291%, and 30-Yr is down 1.3bps at 0.865%.
  • Italian BTP spread up 7.1bps at 119.3bps / Spanish up 2bps at 61.1bps
BulletMarketsFixed Income Bullets
BulletMarketsFixed Income Bullets

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