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EGBs-GILTS CASH CLOSE: Short-End/Belly Retrace Recent Losses

BONDS

Gilts and Bunds partially recovered Friday's losses in Monday trade, gaining some traction late in the session after a weak start.

  • While poor German factory data had little positive impact on core FI, the afternoon rally looked Treasury-led, with 10Y yields pulling back on speculation Fed QT would be tapered soon, and amid a sharp drop in oil prices.
  • The short-ends/bellies of the UK and German curves outperformed, following their relative underperformance late last week.
  • Periphery spreads tightened modestly as risk assets gained, with SPGBs outperforming. Italy announced a 7/30Y BTP dual-tranche syndication.
  • On Tuesday we get German industrial production and Eurozone/Italian labour market data, with supply from the Netherlands, Austria, and the UK, and with Belgium and Italy announcing syndications today.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is down 2bps at 2.548%, 5-Yr is down 2.7bps at 2.075%, 10-Yr is down 2bps at 2.136%, and 30-Yr is down 1bps at 2.366%.
  • UK: The 2-Yr yield is down 2.7bps at 4.215%, 5-Yr is down 2.6bps at 3.73%, 10-Yr is down 1.5bps at 3.772%, and 30-Yr is down 1bps at 4.386%.
  • Italian BTP spread down 1.2bps at 168.3bps / Spanish down 1.4bps at 98.1bps
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