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EGBs-GILTS: Strong Start To The Year


Bunds and Gilts are off to the races in the first trading day of 2021, despite higher equities and weaker dollar.

  • Mixed cross-asset moves to be sure, and no clear catalyst. Focus now is on Eurozone manufacturing PMIs. Spain missed expectations (possibly helping the fixed income bid); Italy up at 0845GMT.
  • ECB's Lane speaks after hours.
  • In supply, it's all bill sales today (Germany, Netherlands, France), with Belgium's BEDA buying back 2022 bonds.

Latest levels:

  • Mar Bund futures (RX) up 68 ticks at 178.32 (L: 177.52 / H: 178.37)
  • Mar Gilt futures (G) up 38 ticks at 135.92 (L: 135.32 / H: 135.96)
  • Mar BTP futures (IK) up 14 ticks at 152.15 (L: 151.62 / H: 152.18)
  • Italy / German 10-Yr spread 4.1bps wider at 115.3bps

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