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EGBs-GILTS CASH CLOSE: No Lockdown For Core Yields

BONDS

European yields rose sharply Tuesday with bear steepening in Gilts and Bunds as equities gained, energy prices soared, and concerns over arduous holiday season lockdowns eased.

  • Europe gas and power prices hit fresh all-time highs, weighing particularly on Bunds.
  • The Sun reported UK PM Johnson would announce within 48 hours whether the gov't was initiating a "circuit breaker"; on the cash close he confirmed prevailing wisdom that there would be no further restrictions before Christmas. Gilts underperformed Bunds; FTSE futures reached best levels since Dec 13; European stocks 1-2% higher.
  • ECB's Kazimir warned of risks of higher inflation in the near term. And the ECB made its final asset purchases of 2021 today.
Closing Yields / 10-Yr Periphery EGB Spreads To Germany
  • Germany: The 2-Yr yield is up 3.4bps at -0.698%, 5-Yr is up 5bps at -0.562%, 10-Yr is up 6.2bps at -0.304%, and 30-Yr is up 7.7bps at 0.068%.
  • UK: The 2-Yr yield is up 7.5bps at 0.617%, 5-Yr is up 8.2bps at 0.722%, 10-Yr is up 10.1bps at 0.873%, and 30-Yr is up 10.7bps at 1.059%.
  • Italian BTP spread up 1.7bps at 131.3bps / Greek down 1.3bps at 159.2bps
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