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European lockdown fears push FI higher

BONDS
  • Core fixed income has been pushed higher by Covid-19 lockdown concerns. First there were headlines that Austria would enter a 22-day lockdown on Monday for all citizens (previously a lockdown for the unvaccinated had been in force). Then there were headlines from German Health Minister Jens Spahn that he could not rule out a lockdown in Germany.
  • Bund curves had bull flattened with Schatz up 2.4bp and 5+ year up 4+bp.
  • The US Treasury curve has seen a near parallel shift with yields up around 3.0bp across the curve.
  • Gilts are outperforming up around 5bp across the curve. The outperformance is due to more rate hikes being priced into the UK curve (and the probabilities of those hikes therefore being more sensitive).
  • TY1 futures are up 0-8 today at 130-26+ with 10y UST yields down -3.0bp at 1.556% and 2y yields down -3.2bp at 0.472%.
  • Bund futures are up 0.72 today at 171.96 with 10y Bund yields down -4.4bp at -0.321% and Schatz yields down -2.1bp at -0.861%.
  • Gilt futures are up 0.52 today at 126.82 with 10y yields down -5.5bp at 0.868% and 2y yields down -5.4bp at 0.470%.
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