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EGB/Gilt

BOND SUMMARY

European sovereign bonds have traded a touch firmer this morning with overall price action relatively contained alongside incremental equity gains.

  • Gilts trade close to unch on the day. The Dec-20 gilt future trades at 134.99, 5 ticks off yesterday's close.
  • The bund curve has marginally steepened with the 2s30s spread 1bp wider.
  • OATs trade broadly in line with bunds and little changed on the day.
  • The EU has indicated that the UK government has not adjusted its position sufficiently to help overcome the remaining negotiating issues that stand in the way of a Brexit trade deal. This follows the temporary hiatus in face-to-face meetings after an EU negotiator tested positive for coronavirus.
  • The UK DMO earlier sold GBP1.75bn of 1-/3-/6-month T-Bills.
  • UK retail sales (ex auto) for October came in above expectations (7.8% Y/Y vs 5.9% survey). Public sector finance data confirm that the UK government is on course to borrow a record amount this year.
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