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Periphery EGB spreads have narrowed.....>

EGB SUMMARY
EGB SUMMARY: Periphery EGB spreads have narrowed on news of a Brexit withdrawal
agreement, with Italian bonds benefiting most.
- BTPs have rallied since around 0830GMT, accelerating after 1000GMT on news of
an agreement between the UK and EU on a post-Brexit arrangement-in-principle.
- Dec 18 BTP futures up 79 ticks at 122.24, near day`s highs (daily range of
121.05-122.35). FinMin Tria answering questions in legislature at 1400GMT.
- Italian spreads to Bunds down, with 2-Yr 20.5bps narrower at 150.60bps, and
10-Yr 4.4bps in at 305.1bps. Spain/Portugal/Greece all 1-1.5bps narrower too.
- Italy sold E1.3bln of new 4-year BTP Italia to institutions today, taking
total sales (incl retail) to E2.16bln, well below E7-8bln target.
- The Dec 18 Bund future is up 10 ticks at 160.68, having traded in a range of
160.63-160.87 today. The 2-Yr yield is up 0.3bps at -0.577%, 5-Yr is down 0.8bps
at -0.226%, 10-Yr is down 0.9bps at 0.367%, and 30-Yr is down 0.8bps at 1.033%.
- Euribor futures up 1-1.5 ticks across most of the strip.
- Main focus apart from Brexit talks Thursday are ECB speakers Weidmann, Knot,
Visco and Mersch. ECB meeting accounts published 1230GMT.
MarketsFixed Income Bullets
MarketsFixed Income Bullets

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