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EGB/GILT

BOND SUMMARY

European govies have broadly traded weaker this morning alongside gains for equities and broad USD weakness.

  • Gilts have sold off and the curve has bear steepened. Cash yields are 1-2bp higher on the day while the 2s10s spread is 2bp wider. The Dec-20 gilt future trades at 136.16, 4 ticks off the day's low.
  • Bunds have similarly weakened with the longer-end underperforming. Last yields: 2-year -0.7038%, 5-year -0.7103%, 10-year -0.5142%, 30-year -0.0766%.
  • OATs trade broadly in line with bunds with yields 1-2bp higher.
  • It has been a relatively quiet session for BTPs, which trade close to unch on the day.
  • Supply this morning came from Germany (Bubills, EUR3.42bn) and the Netherlands (DTCs, EUR1.42bn).
  • The European data calendar was light this morning with no tier one releases.
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