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EGB/Gilt

BOND SUMMARY

European sovereign bonds have been bid this morning with EGBs outperforming gilts. and curves broadly bull flattening.

  • Gilts are marginally firmer and the curve slightly flatter. Last yields: 2-year -0.0386%, 5-year 0.016%, 10-year 0.3426%, 30-year 0.9091%.
  • Bunds have rallied and the curve has bull flattened. Cash yields are 2-3bp lower on the day with the 2s30s spread 1bp narrower.
  • OATs and BTPs trade in line with bunds.
  • Supply this morning came from France (OATs, EUR6.5bn).
  • Amid signs that some EU capitals are ramping up pressure on Brexit negotiators not to concede too much ground to the UK, France has warned that it could veto a final trade deal if the final terms are unsatisfactory.
  • The final eurozone aggregate services and composite PMIs readings for November were a touch better than the flash estimates. The second read for the UK equivalents was significantly better (47.6 for the services print vs an initial 45.8 and 49.0 for the composite series vs 47.4 previously).
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