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Peripheral spreads continue to widen but Bunds ignore equity rout

EGB SUMMARY
  • As concerns about lockdowns in France and Germany continue to dominate the market, peripheral spreads have continued to widen through the day with BTP-Bund 10-year spreads 8.7bp wider on the day at the time of writing.
  • Despite the one way move in peripheral spreads and in equities (and also in FX markets), core fixed income markets have seen proportionally much smaller moves. In fact, Bund futures are 30 ticks off their highs of the day at the time of writing.
  • Headlines have been hitting the wires about an agreement of a German one month lockdown over the past few minutes and French President Macron is due to announce new restrictions tonight at 19:00GMT.
  • Bund futures are up 0.14 today at 176.08 with 10y Bund yields down -0.9bp at -0.625% and Schatz yields down -1.4bp at -0.794%.
  • BTP futures are down -0.83 today at 148.83 with 10y yields up 7.5bp at 0.774% and 2y yields up 5.3bp at -0.326%.
  • OAT futures are down -0.17 today at 169.69 with 10y yields up 0.9bp at -0.320% and 2y yields down -0.7bp at -0.725%.
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