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EGBs-GILTS CASH CLOSE: Strong But Underwhelming Rally

BONDS

Bund and Gilt yields fell Thursday, but the magnitude of the drop was relatively tame considering the broader risk-off context.

  • 10Y Bund yields tested -0.50% for the 2nd time this week as a safe haven bid built up over the morning, but finished above -0.49%. Gilts outperformed.
  • European stock indices fell by more than 2% at one point and oil prices more than 3%, amid renewed concerns over global growth/COVID, but ended up off the lows.
  • Periphery spreads widened (Italy underperformed) amid the risk asset sell-off.
  • Supply this morning came from France (OATs, EUR6.997bn, & OATi/OATei, EUR991mn).
  • Quiet schedule Friday: no bond supply; German PPI and UK Retail Sales data feature.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is down 0.3bps at -0.747%, 5-Yr is down 0.6bps at -0.744%, 10-Yr is down 0.7bps at -0.489%, and 30-Yr is down 1.7bps at -0.051%.
  • UK: The 2-Yr yield is down 2.5bps at 0.116%, 5-Yr is down 3bps at 0.262%, 10-Yr is down 2.7bps at 0.538%, and 30-Yr is down 2bps at 0.941%.
  • Italian BTP spread up 1.8bps at 105.1bps / Spanish up 0.8bps at 70.8bps
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