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EGBs-GILTS CASH CLOSE: Wary Of Tighter Lockdowns At Month-End

BONDS

Curves traded mixed Wednesday with a combination of factors at play at various points in the session, including more stringent lockdown measures in Europe, lower-than-expected inflation data, and some degree of month-end buying. Gilts underperformed, fading quickly after hitting session highs mid-afternoon. Conversely, Bunds rallied from a weak open. Periphery spreads were mixed.

  • Early data showed UK Q4 GDP revised higher, while FR, IT and EZ CPI was softer than expected.
  • ECB Pres Lagarde said markets can test the ECB "as much as they want", as the bank has "exceptional tools".
  • French Pres Macron is reportedly to announce tighter lockdown measures this evening, while Italy's set to extend restrictions to April 30 (from Apr 6th currently).
  • Thu's pre-holiday session sees final Mar PMIs.

Closing yields/10-Yr Spreads to Bunds:

  • Germany: The 2-Yr yield is up 0.1bps at -0.691%, 5-Yr is down 0.3bps at -0.628%, 10-Yr is down 0.6bps at -0.292%, and 30-Yr is down 1bps at 0.258%.
  • UK: The 2-Yr yield is up 3bps at 0.104%, 5-Yr is up 3bps at 0.394%, 10-Yr is up 2.1bps at 0.845%, and 30-Yr is up 3.7bps at 1.397%.
  • Italian BTP spread down 0.6bps at 96bps / Spanish spread unchanged at 62.9bps
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