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EGB/GILT

BOND SUMMARY

European govies have traded firmer this morning and curves have bull flattened against a broader cautious tone in markets following the recent positive developments on the Covid vaccine front.

  • Gilts yields are broadly 2bp lower across the curve, which trades close to flat overall.
  • The bund curve is 1bp narrower, with the longer end marginally outperforming.
  • OATs trade in line with bunds. Last yields: 2-year -0.6881%, 5-year -0.6675%, 10-year -0.3455%, 30-year 0.3459%.
  • It is a similar story for BTPs with cash yields up to 1bp lower. The 10-year benchmark yield hit a fresh record low this morning.
  • Supply this morning came from Italy (BTPEi/CTZ, EUR3.25bn).
  • The European data calendar has been light today. The second estimate of US Q3 GDP will be published later today, as well as PCE data for October and the final University of Michigan print for November
  • UK Chancellor of the Exchequer Rishi Sunak is expected to provide details on a GBP4.3bn spending package to support jobs.
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