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Free AccessEGBs-GILTS CASH CLOSE: Periphery Spreads Quietly Tighten
GIlts outperformed Bunds in a fairly quiet session to open the week, with periphery spreads quietly tightening to multi-week lows.
- Italy 10Y BTP spreads fell to a fresh 1-month low, with Spain closing at the tightest spread since July. No real catalyst, but rather follow-through from last week's ECB meeting.
- No data out today, no bond supply, and little central bank commentary of note (we heard from the ECB's Schnabel and BOE's Hauser but little market reaction to either).
- Most attention remains on US CPI data Tuesday, and large supply: still looking for E36.0bln of gross issuance this week, with tomorrow's slate featuring the Netherlands, Italy, and Germany tomorrow, and EU NGEU syndication (announced today).
Closing Yields / 10-Yr Periphery EGB Spreads To Germany
- Germany: The 2-Yr yield is down 0.1bps at -0.705%, 5-Yr is down 0.3bps at -0.641%, 10-Yr is down 0.1bps at -0.331%, and 30-Yr is up 0.8bps at 0.166%.
- UK: The 2-Yr yield is down 0.5bps at 0.228%, 5-Yr is down 0.6bps at 0.414%, 10-Yr is down 1.3bps at 0.745%, and 30-Yr is down 2.2bps at 1.056%.
- Italian BTP spread down 1.4bps at 101.7bps / Spanish down 0.3bps at 66bps
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.