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EGBs-GILTS CASH CLOSE: Peripheries Fade As Safe Haven Buying Dominates

BONDS

A relentless safe-haven bid saw Bunds and Gilts rally all session Thursday, while periphery EGBs weakened with spreads widening by the most in months. Concerns about the economic impact of regional lockdowns underpinned UK and German bull flattening, while the uncertainty over Brexit going into the European Council summit offered another risk-off driver.

With little remaining in the data/speaker/supply calendar this week, most attention Friday will be on the Summit (which has already resulted in the EuCo adopting the expected language on UK-EU relations and talks not yet seeing "sufficient progress".

Closing levels / 10-Yr Periphery EGB Spreads:

  • Germany: The 2-Yr yield is down 2.3bps at -0.768%, 5-Yr is down 2.7bps at -0.791%, 10-Yr is down 2.9bps at -0.61%, and 30-Yr is down 4.1bps at -0.202%.
  • UK: The 2-Yr yield is down 0.4bps at -0.052%, 5-Yr is down 1.6bps at -0.074%, 10-Yr is down 4bps at 0.18%, and 30-Yr is down 4.3bps at 0.724%.
  • Italian BTP spread up 6.9bps at 130.7bps
  • Spanish bond spread up 4.3bps at 75.9bps
  • Portuguese PGB spread up 4.4bps at 75.6bps
  • Greek bond spread up 8.4bps at 143.7bps
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