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EGBs-GILTS CASH CLOSE: Weaker But Yields Off Highs

BONDS

Core FI traded weaker Monday with bear steepening in Bunds and Gilts, though yields ended off session highs as equities traded softer in the afternoon. Periphery spreads tightened.

  • Fading odds of a Scottish independence referendum and further lockdown helped contribute to Gilt underperformance.
  • ECB's Lane discussed possibility of slowing or hastening bond purchases in June; afternoon weekly purchase data showed a PEPP slowdown (but overall asset buying accelerated).
  • DMO made some Jun-Sep qtly announcements ahead of May 17 consultation
  • Tuesday sees sales of Dutch DSL and 2x UK Gilts, with Germany set to syndicate 30-Yr Green bund.
  • We also hear from BoE's Bailey and ECB's Knot / de Cos, with some CPI (Netherlands) and IP (Italy) data, as well as German ZEW.

Closing yields/10-Yr Spreads to Bunds:

  • Germany: The 2-Yr yield is unchanged at -0.686%, 5-Yr is down 0.4bps at -0.591%, 10-Yr is up 0.3bps at -0.212%, and 30-Yr is up 0.8bps at 0.359%.
  • UK: The 2-Yr yield is up 0.5bps at 0.038%, 5-Yr is up 0.8bps at 0.321%, 10-Yr is up 1.3bps at 0.788%, and 30-Yr is up 1.5bps at 1.329%.
  • Italian BTP spread down 4bps at 114bps / Spanish spread down 2.3bps at 67.9bps
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