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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