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EGB/GILT

BOND SUMMARY

It has been a relatively quiet session so far with price action contained in EGBs.

  • The gilt curve has marginally bull flattened with cash yields 1-2bp lower. The Dec-20 gilt future trades at 135.59, 9 ticks off the day's low.
  • Bunds are little change on the day. Last yields: 2-year -0.7351%, 5-year -0.7440%, 10-year -0.5455%, 30-year -0.1153%.
  • OATs are similarly unch on the day and the curve trades flat.
  • The BTP curve has flattened slightly on the back of the short end trading weaker and the longer end rallying. The 2s30s spread is 3bp narrower.
  • Supply this morning came from the UK (Gilts, GBP4.25bn), Italy (BTPs, EUR7.5bn), Spain (Letras, EUR0.935bn), Netherlands (DSL, EUR2bn), Belgium (TCs, EUR1.845bn), Finland (bills, EUR1.981bn) and the ESM (bills, EUR1.5bn).
  • UK labour market data showed larger than expected job losses in August (-153k vs -30k on a 3m/3m basis) with the unemployment rate inching up to 4.5% from 4.1% the previous month.
  • The latest German ZEW print for October disappointed with the expectations component reading 56.1 vs 72.0 survey.
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