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EGBs-GILTS CASH CLOSE: Peripheries Outperform As ECB Week Begins

BONDS

German bonds strengthened across the curve Monday, while the UK saw bull steepening, following the lead of US Treasuries which saw an early afternoon rally.

  • Little in the way of macro catalysts in the session, with some of last week's moves faded ahead of the ECB meeting this week and BoE next.
  • Italy outperformed the space following S&P's ratings outlook revision to positive from stable after the close Friday. Portuguese 10s spread to Bunds dipped below 50bp, again nearing a 12-year tight level of 49bp (last set in January).
  • BOE Tenreyro's commentary was predictably dovish-leaning, little market reaction.
  • Supply included an auction tap of 7-Yr NGEU for E2.5bln.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is down 2.7bps at -0.664%, 5-Yr is down 2.9bps at -0.452%, 10-Yr is down 0.9bps at -0.114%, and 30-Yr is up 3bps at 0.269%.
  • UK: The 2-Yr yield is down 1.4bps at 0.647%, 5-Yr is down 0.9bps at 0.82%, 10-Yr is down 0.5bps at 1.14%, and 30-Yr is down 0.3bps at 1.358%.
  • Italian BTP spread down 2.5bps at 107.9bps/ Portuguese down 1.1bps at 50.4bps
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