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EGBs-GILTS CASH CLOSE: Modest Rally Into The Weekend (And Month End)

BONDS

EGBs and Gilts strengthened a bit Friday afternoon going into the long (UK and US) weekend, with month-end also a consideration. Periphery spreads came down slightly.

  • Very little news flow; morning data suggested continued pickup in confidence in the Eurozone and strong Spanish retail sales, while France saw the highest inflation since 2018, while also unexpectedly posting a downward revision to Q1 GDP into contraction.
  • MNI published a sources piece suggesting ECB asset purchases could be around half the current level after the PEPP concludes its active phase in March.
  • A few sovereign ratings after hours include Belgium and Ireland.

Closing yields/10-Yr Spreads to Bunds:

  • Germany: The 2-Yr yield is down 0.6bps at -0.662%, 5-Yr is down 1.4bps at -0.568%, 10-Yr is down 1.1bps at -0.183%, and 30-Yr is down 0.4bps at 0.385%.
  • UK: The 2-Yr yield is up 1.1bps at 0.063%, 5-Yr is down 0.7bps at 0.342%, 10-Yr is down 1.5bps at 0.795%, and 30-Yr is down 1.5bps at 1.304%.
  • Italian BTP spread down 1.2bps at 109.6bps / Spanish spread down 0.1bps at 65.5bps
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