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EGBs-GILTS CASH CLOSE: Safe Havens Benefit From COVID Headlines

BONDS

Thursday saw a risk-off move into safe havens in the morning and the late afternoon, while periphery spreads came in from early wides (Greece excepted).

  • COVID lockdown concerns boosted Bunds and Gilts early, and the suspension of the Brexit talks at the Frost/Barnier level (due to a participant from the EU side testing COVID-positive) helped buoy them later on.
  • Focus on Brexit will continue Friday as we enter another key phase, with EU budget wrangling also getting attention, particularly in the case of peripheries.
  • Friday's docket is headed by UK Oct retail sales. ECB speakers also feature (incl Lagarde and Weidmann).

Closing Levels / 10-Yr Periphery EGB Spreads:

  • Germany: The 2-Yr yield is down 0.8bps at -0.735%, 5-Yr is down 1bps at -0.748%, 10-Yr is down 1.7bps at -0.571%, and 30-Yr is down 2.5bps at -0.174%.
  • UK: The 2-Yr yield is down 0.3bps at -0.029%, 5-Yr is down 0.8bps at 0.008%, 10-Yr is down 1.4bps at 0.323%, and 30-Yr is down 1.1bps at 0.92%.
  • Italian BTP spread up 0.4bps at 121.3bps
  • Spanish bond spread up 0.6bps at 64.1bps / Portuguese PGB spread up 0.2bps at 60.6bps
  • Greek bond spread up 4.4bps at 126.2bps
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