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EGBs-GILTS CASH CLOSE: Yields Drift Higher After Morning Rally

BONDS

Gilts strengthened with bull flattening though finished well off best levels, with Bunds ending relatively flat, in a fairly directionless session to start the week.

  • Weak equities (led by Asia) overnight and disappointing German IFO numbers set a bullish tone early in the session, though this reversed as equities found a footing and yields drifted toward Friday's highs.
  • In the end bonds were rangebound, with Gilts outperforming, and periphery spreads modestly wider.
  • Today, Belgium sold E3.1bln of OLOs. Tuesday, Italy sells up to E3.75bln of short-term BTP; UK sells GBP3bln of Oct-26 Gilt.
  • The only scheduled central bank speaker Tuesday is ECB's de Cos.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany:

  • Germany: The 2-Yr yield is down 0.7bps at -0.733%, 5-Yr is up 0.1bps at -0.703%, 10-Yr is up 0.2bps at -0.418%, and 30-Yr is up 0.3bps at 0.064%.
  • UK: The 2-Yr yield is up 0.1bps at 0.08%, 5-Yr is down 0.1bps at 0.278%, 10-Yr is down 1.3bps at 0.571%, and 30-Yr is down 1.4bps at 0.991%.
  • Italian BTP spread up 0.9bps at 104.7bps / Spanish up 0.7bps at 69.8bps
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