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EGBs-GILTS CASH CLOSE: PMIs Set Bearish Tone

BONDS

Another day, another large rise in yields Tuesday, with Italy again the underperformer. Both the UK and German curves saw most weakness in the 10-Yr segment.

  • Generally stronger-than-expected European PMIs in the morning set a bearish tone, with the spectre of renewed COVID lockdowns (Germany's Merkel in crisis meetings with party leaders) and weaker equities once again failing to provide much of a safe-haven bid.
  • ECB's Schnabel said inflation risks are "skewed to the upside".
  • BoE's Bailey said he didn't think the bank would return to a "harder" forward guidance. Earlier, Haskel - a dove - was non-committal on rate hike timing.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is up 1.2bps at -0.729%, 5-Yr is up 5.2bps at -0.545%, 10-Yr is up 8.1bps at -0.22%, and 30-Yr is up 7.7bps at 0.105%.
  • UK: The 2-Yr yield is up 6.3bps at 0.596%, 5-Yr is up 6.1bps at 0.745%, 10-Yr is up 6.4bps at 0.997%, and 30-Yr is up 1.3bps at 1.083%.
  • Italian BTP spread up 2.4bps at 128.1bps / Spanish up 1.4bps at 73.2bps
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