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EGB/GILT

BOND SUMMARY

Periphery EGBs have rallied this morning against weaker trading in core markets. Outside of the FI space, markets have adopting a risk-off posture with equities broadly lower, oil posting fresh losses and the dollar on the front foot against G10 FX.

  • Gilts rallied soon after the open, but have quickly given back the early gains and now trade close to unch on the day.
  • It is a similar story for bunds which are back to flat on the day. Last yields: 2-year -0.7630%, 5-year -0.7718%, 10-year -0.5740%, 30-year -0.1564%.
  • BTPs have rallied sharply and the curve has bull flattened. Cash yields are 3-7bp lower while the 2s30s spread is 4bp narrower.
  • Germany allotted E2.51bn of the Oct 27, 2021 bubill. France will auction 3-/6-/12-month BTFs for E4.1-5.3bn later today.
  • Focus this week will be on the ECB Governing Council meeting on Thursday. No material change in monetary policy is expected, but there is some speculation that the ECB may use the October meeting to tee-up further policy easing in December.
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