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Bunds outperformed for most of the session but came back to the pack, and it was a mixed risk picture overall with core FI in general doing fine and periphery spreads widening despite higher equities.
- BoE unch decision didn't have much of an impact. Brexit headlines continue to be mixed-to-positive, with most concerns cited today being of a procedural variety (ie when can bill passage be made).
- Late session brought news that the UK reported a record 35.6k COVID cases - but Gilts fell.
- On Friday, UK Nov retail sales is the clear data highlight, with German IFO following thereafter. No bond supply and no central bank speakers.
Closing Levels / 10-Yr Periphery EGB Spreads:
- Germany: The 2-Yr yield is unchanged at -0.725%, 5-Yr is down 0.2bps at -0.746%, 10-Yr is down 0.3bps at -0.57%, and 30-Yr is up 0.7bps at -0.155%.
- UK: The 2-Yr yield is up 2.6bps at -0.051%, 5-Yr is up 2.5bps at -0.006%, 10-Yr is up 1.5bps at 0.287%, and 30-Yr is up 1.3bps at 0.847%.
- Italian BTP spread up 0.7bps at 111bps
- Spanish bond spread up 0.9bps at 59.9bps
- Portuguese PGB spread up 2bps at 58.1bps
- Greek bond spread up 0.4bps at 115.4bps