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EGBs-GILTS CASH CLOSE: Strong But Shaky Start To 2021

BONDS

After a sharp rally on the Gilt open, core Europe FI spent most of the rest of the session fading before rallying anew mid-afternoon.

  • The catalyst for the late-day rebound was news of a nationwide England lockdown announcement set to be announced by UK PM Johnson at 2000GMT (following Scotland's decision to do the same). Equities fell to session lows while GBP weakened.
  • The early FI bid was helped by weaker-than-expected Italy/Spain Dec PMIs.
  • Lots of syndications announced: Ireland and Slovenia 10-Yr, Italy 15-Yr, plus Slovenia 2050 Tap.
  • ECB's Lane speaks at 2045GMT. France flash CPI early Tues.
Closing Levels / 10-Yr Periphery EGB Spreads:
  • Germany: The 2-Yr yield is down 2.2bps at -0.722%, 5-Yr is down 2.4bps at -0.762%, 10-Yr is down 3.5bps at -0.604%, and 30-Yr is down 3.8bps at -0.196%.
  • UK: The 2-Yr yield is up 0.7bps at -0.153%, 5-Yr is down 1.8bps at -0.103%, 10-Yr is down 2.4bps at 0.173%, and 30-Yr is down 2bps at 0.73%.
  • Italian BTP spread up 4bps at 115.2bps / Spanish up 1.1bps at 62.7bps
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