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EGBs-GILTS CASH CLOSE: Taking Some Risk Off The Table Into The Weekend

BONDS

The UK and German curves bull flattened as market participants took a bit of risk off the table heading into the weekend. Italian spreads widened late on an Ansa report that the gov't was pencilling in a 7% of GDP deficit in 2021. Overall, a quieter session vs plenty of activity earlier in the week.

A busy Monday lies ahead for central bank speakers, with ECB's Lagarde and BoE's Bailey appearing. Flash Sep CPIs are the highlight Tuesday. EU-UK crunch FTA negotiations also will take some of the spotlight. Closing levels:

  • Germany: The 2-Yr yield is down 0.8bps at -0.707%, 5-Yr is down 1.6bps at -0.717%, 10-Yr is down 2.8bps at -0.529%, and 30-Yr is down 4.2bps at -0.097%.
  • UK: The 2-Yr yield is down 2bps at -0.068%, 5-Yr is down 2.6bps at -0.093%, 10-Yr is down 3bps at 0.189%, and 30-Yr is down 4bps at 0.73%.

10-Yr Periphery EGB Spreads:

  • Italian BTP spread up 2bps at 141.5bps
  • Spanish bond spread up 2.5bps at 77.7bps
  • Portuguese PGB spread up 1.6bps at 79.7bps
  • Greek bond spread up 2.5bps at 155.4bps
BulletMarketsFixed Income Bullets
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