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EGB/Gilt

BOND SUMMARY

European sovereign curves have bear steepened this morning alongside weaker trading in equities and broad USD strength against the G10.

  • Gilts have sold off with cash yields 1-3bp higher and the 2s30s spread 2bp wider.
  • Price action in bunds has been more contained, albeit with longer end yields inching higher.
  • It is a similar story for OATs. Last yields: 2-year -0.7075%, 5-year -0.6621%, 10-year -0.3054%, 30-year 0.3769%.
  • BTPs have been anchored at the short end and have traded weaker at the longer end. The curve is 2-3bp steeper on the day.
  • The DMO earlier sold GBP2.25bn of the 0.625% Jul-35 gilt and GBP1.75bn of the 0.625% Oct-50 gilt.
  • UK Chancellor of the Exchequer Rishi Sunak is today presenting a statement to the House of Commons. This follows indications that the government will abandon its spending master plan intended to span the remainder of this parliament, in favour of a one-year review given the difficulties presented by the Covid crisis.
  • UK CBI Trends Total Orders data was better than expected for October (-34 vs -50 survey), while French Business Confidence was a touch weaker (90 vs 92 survey).
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