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EGB/GILT

BOND SUMMARY

Concerns over rising corornavirus infections continues to weigh on market sentiment. European sovereign bonds have broadly rallied alongside weaker trading in equities.

  • The gilt curve has marginally bull flattened with cash yields 2-4bp lower on the day.
  • Bunds have similarly firmed with the longer end outperforming. Last yields: 2-year -0.7125%, 5-year -0.7169%, 10-year -0.5230%, 30-year -0.0864%,
  • OATs trade broadly in line with bunds.
  • BTPs have rallied but have slightly lagged core EGBs
  • Supply this morning came from the UK (Bills, GBP2.0bn ) and Italy (BOTs, EUR6.5bn).
  • The data calendar is relatively light today. The UK public sector net borrowing requirement for August came in lower than expected (GBP35.2bn vs GBP 39.5bn survey) although the fiscal position overall continues to worsen.
  • The Spanish government has recommended that Madrid should implement new social restrictions, although news reports suggest that the capital's administration has pushed back against the request.
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