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EGB/GILT

BOND SUMMARY

European govies have broadly firmed this morning alongside fresh losses for equities and a resurgent US dollar.

  • Gilts rallied from the open, but quickly gave up the early gains and now trade within 1bp of yesterday's close
  • The bund rally has been sustained through the morning with the curve bull flattening. The 2s30s spread is 3bp narrower.
  • OATs trade broadly in line with bunds. Cash yields are up to 2bp lower on the day.
  • BTPs have trade marginally weaker. Last yields: 2-year -0.3866%, 5-year 0.0724%, 10-year 0.6525%, 30-year 1.505%.
  • Supply this morning came from France (OATs EUR8.495bn, Linkers EUR1.50bn), Spain (Letras, EUR1.844bn) and Ireland (Bills, EUR0.75bn).
  • UK Government spokesman Jamie Davies indicated that trade talks with Canada were at an 'advanced stage', while Trade Secretary Liz Truss stated that negotiations with the US were making 'good' progress.
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