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EGB/GILT

BOND SUMMARY

European sovereign bond markets have sold off this morning with curves generally bear steepening alongside fresh gains for equities and broad USD weakness against G10 FX.

  • Gilts have underperformed. Cash yields are 2-5bp higher on the day with the curve 3bp steeper.
  • Bunds have similarly traded weaker with the longer end underperforming. The 2s30s spread has narrowed 2bp.
  • OAT yields have edged up 1-2bp across the curve.
  • Supply this morning came from Germany (Bund, EUR4.1bn allotted)
  • The Spanish services and composite PMI readings for December were better than expected but still in contraction territory, while Italy suffered significant misses, particularly for services (39.7 vs 45.0 survey). Elsewhere, German regional CPI data for December has picked up from the previous month.
  • Legislation published ahead of a House of Commons debate on the the national lockdown in England indicate that current restrictions may run until the end of March.
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