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EGBs-GILTS CASH CLOSE: Month Ends On A Weak Note

BONDS

The week opened and the month ended with Bund/Gilt selling down the curve for most of the session following a fleeting rally around the open. Periphery spreads widened as BTPS weakened following a brief move into record-low territory for the 10-Yr yield (0.585%).

  • Hard to find any coherent drivers of the move (flash Nov inflation data was mixed and did not move markets), with equities under pressure esp in the afternoon, and little new on the Brexit front. Doesn't appear that month-end rebalancing buying materialized.
  • Tuesday sees Italy and Spain PMIs and EZ flash inflation, plus another appearance by ECB's Lagarde, and Gilt supply.

Closing Levels / 10-Yr Periphery EGB Spreads:

  • Germany: The 2-Yr yield is up 1.2bps at -0.743%, 5-Yr is up 1.7bps at -0.753%, 10-Yr is up 1.7bps at -0.571%, and 30-Yr is up 1.6bps at -0.166%.
  • UK: The 2-Yr yield is up 2.1bps at -0.022%, 5-Yr is up 1.9bps at 0.008%, 10-Yr is up 2.1bps at 0.305%, and 30-Yr is up 2.1bps at 0.852%.
  • Italian BTP spread up 1.5bps at 119.7bps
  • Spanish bond spread up 0.6bps at 65.2bps
  • Portuguese PGB spread up 0.4bps at 60.5bps
  • Greek bond spread down 3bps at 121bps
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