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EGBs-GILTS CASH CLOSE: Tunnel Vision For Gilts

BONDS

UK curve steepening, which was prevalent throughout the session amid a global core FI sell-off, accelerated on a Times Radio report that UK-EU talks had entered the 'tunnel' with a deal in sight. Gilt 5s30s rose from a low of 83.1bps to 86.8bps on the close.

  • Earlier, some hawkish-leaning comments from ECB's Schnabel helped spark Bund weakness and periphery spread widening. Portugal's curve steepened (2s10s highest since Oct 9) after the IGCP announced short-end PGB buyback vs selling 8-9yrs.
  • German Bobl and UK Gilt sales headline supply Wednesday; BOE's Haskel speaks.

Closing Levels / 10-Yr Periphery EGB Spreads:

  • Germany: The 2-Yr yield is up 2.5bps at -0.718%, 5-Yr is up 3.5bps at -0.718%, 10-Yr is up 4.3bps at -0.528%, and 30-Yr is up 4.9bps at -0.117%.
  • UK: The 2-Yr yield is up 1bps at -0.012%, 5-Yr is up 2.7bps at 0.035%, 10-Yr is up 4.2bps at 0.347%, and 30-Yr is up 5.5bps at 0.907%.
  • Italian BTP spread up 0.5bps at 120.2bps
  • Spanish bond spread down 0.5bps at 64.7bps
  • Portuguese PGB spread down 0.1bps at 60.4bps
  • Greek bond spread down 2.5bps at 118.5bps
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