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EGB/GILT

BOND SUMMARY

Markets have shifted to a mildly risk-in position this morning with core govies trading weaker, G10 currencies broadly gaining against the US dollar and equities inching higher.

  • Gilts have sold off with cash yields 1-2bp higher and the curve bear steepening. The Dec-20 gilt future trades at 135.61, near the bottom of the morning range (L: 135.50 / H: 135.93).
  • Bunds have traded weaker at the longer end with yields now back in line with the close.
  • It is a similar story for OATs. Last yields: 2-year -06745%, 5-year -0.6211%, 10-year -0.2612%, 30-year -0.2614%
  • Supply this morning came from Germany (Bubills, EUR1.43bn) and the Netherlands (DTCs, EUR2.22bn).
  • Overall, the September final PMI prints for Germany, France and the Eurozone were marginally better than initially expected. The first and final PMI prints for Spain were worse than expected, while Italy came in above expectations. The final estimates for the UK were also higher than the initial estimates.
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