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Bear steepening on trend

BOND SUMMARY

A steady session for Core Bonds, with curves bear steeper this morning

  • Bund has taken its cue from the better buying going through in Equities in early trading.
  • Good vaccination pick up pace in the US as well as a more positive note on US stimulus has keep the lid on Bonds.
  • Heavy supplies this week will also be a factor, with a huge heavy day on Thursday, when France look to sell EU10bn-EU11bn of 0% Nov-30 OAT, the 1.25% May-36 OAT, the 1.75% Jun-39 OAT and the 0.75% May-52 OAT
  • Today sees German EU6bn Schatz 2yr (equates to 61k Schatz or 8k Bund).
  • Also some syndication from Belgium, Finland and Cyprus.
  • Peripheral are tighter, with Greece leading at 2.5bps.
  • Gilts have traded in tandem with EGBs, and leading losses in Europe, down 40 ticks at the time of typing.
  • Same story for the US treasuries, curve is bear steeper on the risk on tone, with the longer end underperforming
  • Looking ahead, desk await news on the formation of a new Italian government, with PM Conte set to speak to Pres Mattarella again today.
  • ECB's de Cos is also speaking.
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