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EGBs-GILTS CASH CLOSE: Supply The Day's Focus

BONDS

Bunds and Gilts traded largely in ranges Wednesday, perhaps biding time ahead of events out of the US (Fed Minutes after hours and jobs report Friday). Curves traded mixed overall.

  • In the meantime, supply was a big theme on the day.
  • Plenty of syndication activity: Italy headlined, selling E7bln of 30Y BTP; Slovenia sold E1.75bln of 4 and 40-year bonds. And in auctions, Germany allotted E3.1bln in Bund and Spain E5.7bln in bonds.
  • Italy underperformed Spain and Portugal, with more bear steepening in the BTP curve.
  • In data, services PMIs were on the soft side; Italy Dec CPI was in line.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is down 0.7bps at -0.62%, 5-Yr is down 1.3bps at -0.431%, 10-Yr is up 3.8bps at -0.084%, and 30-Yr is up 0.5bps at 0.262%.
  • UK: The 2-Yr yield is down 0.6bps at 0.762%, 5-Yr is up 0.4bps at 0.917%, 10-Yr is up 0.2bps at 1.087%, and 30-Yr is down 1bps at 1.202%.
  • Italian BTP spread down 1.8bps at 131.9bps / Spanish down 3bps at 68.2bps
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