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MNI China Daily Summary: Friday, November 29

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EGB/GILT

BOND SUMMARY

European sovereign bonds have broadly rallied this morning alongside weaker trading in equities.

- The Bank of England left its monetary stance unchanged at today's MPC meeting. While the BoE indicated that the issue of negative rates was under continued review, further commentary suggested that a shift to a NIRP could be less effective at this time.

- The gilt curve has flattened on the back of the shorter end trading weaker and the longer end rallying. The 2s30s spread is 4bp narrower on the day.

- The bund curve as bull flattened with cash yields 1-3bp lower.

- OATs have marginally outperformed bunds with the curve similarly flattening. The 2s30s spread has traded down 5bp.

- BTP cash yields are 2-4bp lower with the belly outperforming. Last yield levels: 2-year -0.0849%, 5-year 0.4306%, 10-year 0.9411%, 30-year 1.8891%.
- Supply this morning came from Spain (Bonos/Oblis/ObliEis, EUR4.57bn) and France (OATs, EUR8.999bn).

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