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EGBs-GILTS CASH CLOSE: Risk Appetite Recedes

BONDS

Periphery spreads widened and Bunds/Gilts gained as equities reversed a strong start over the course of Monday's session.

  • Brexit headlines featured (esp early as reports suggested the UK gov't could rewrite the contentious Internal Market Bill), with comments from Barnier/Gove in the afternoon pointing to a slim path to a deal. Otherwise, concerns over European recession due to COVID lockdowns weighed on risk.
  • Tuesday, BoE's Vlieghe speaks; German Schatz and UK linker sales too. Thin on data.

Closing levels/10-Yr Periphery EGB Spreads:

  • Germany: The 2-Yr yield is down 1.2bps at -0.787%, 5-Yr is down 1.3bps at -0.814%, 10-Yr is down 0.6bps at -0.628%, and 30-Yr is down 1bps at -0.212%.
  • UK: The 2-Yr yield is down 1.8bps at -0.073%, 5-Yr is down 1.2bps at -0.088%, 10-Yr is down 1.3bps at 0.169%, and 30-Yr is down 1.9bps at 0.71%.
  • Italian BTP spread up 7.5bps at 134.8bps
  • Spanish bond spread up 4.1bps at 78.7bps
  • Portuguese PGB spread up 3.2bps at 76.8bps
  • Greek bond spread up 4bps at 144.9bps
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