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EGB/GILT

BOND SUMMARY

Risk received a further boost this morning after Russian President Vladimir Putin announced his country has registered the world's first coronavirus vaccine. European bonds have sold off today alongside a rally in equities and broad G10 FX strength against the US dollar.

  • Gilts have traded weaker with cash yields 3-4bp higher on the day.
  • The bund curve has bear steepened with the 2s30s spread 2bp wider.
  • Similarly, the OAT curve is ~3bp steeper
  • BTPs have lagged the selloff which much of the curve trading in line with yesterday's closing levels.
  • Supply this morning came from the UK (Gilts, GBP4.5bn), Spain (Letras, EUR6.23bn), Belgium (TCs, EUR2.20bn) and the ESM (Bills, EUR1.5bn).
  • UK employment data this morning was slightly better than expected, but continues to point in the direction of job losses as the government's furlough scheme is wound down.
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