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EGB/Gilt

BOND SUMMARY

European govies have traded weaker this morning with price action relatively contained thus far.

  • Gilt yields are up to 1bp higher on the day with the curve marginally bear steepening.
  • Bunds are similarly trading marginally below yesterday's close.
  • OATs trade broadly in line with bunds. Last yields: 2-year -06755%, 5-year -0.6724%, 10-year -0.3588%, 30-year 0.3458%.
  • BTP yields are 1bp higher on the day with the curve trading flat overall.
  • UK Chancellor of the Exchequer Rishi Sunak today announced a new GBP4.6bn support package for UK businesses. This follows yesterday's announcement from PM Boris Johnson that England will re-enter a national lockdown in a bid to contain the coronavirus.
  • Supply this morning came from Germany (Bubills, EUR4.84bn allotted), Belgium (TCs, EUR2.20bn), Greece (Bills, EUR812.5mn) and the ESM (Bills, EUR1.5bn).
  • The economic data calendar was relatively light this morning. German retail sales were better than expected in November (5.6% Y/Y vs 4.0% survey).
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