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EGB/GILT

BOND SUMMARY

European govies have traded firmer through the day.

  • Following a relatively quiet start, gilts have rallied in the afternoon session with the longer-end of the curve outperforming. Cash yields are now 2-5bp lower.
  • BoE Governor Andrew Bailey has stated that persistent unemployment is a key measure of economic scarring brought about by the coronavirus crisis.
  • Bunds similarly started to make gains early in the afternoon with the curve marginally bull flattening.
  • BTPs have outperformed bunds with longer end yields edging down 4bp.
  • Supply 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).
  • The UK government is coming under fresh pressure as it has emerged that it did not act on SAGE's advice for a two-week national circuit breaker to curb the spread of the coronavirus.
  • Looking ahead, tomorrow sees the release of Spanish final CPI data for September and Eurozone industrial production data for August.
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