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EGB/GILT

BOND SUMMARY

Core EGBs trade mixed and close to unch on the day while the periphery has rallied alongside gains for equities.

  • The gilt curve has marginally flattened with the 2s10s spread 1bp narrower on the back of the short end trading weaker.
  • Bunds tare little changed on the day. Last yields: 2-year -0.7118%, 5-year -0.7361%, 10-year -0.5235%, 30-year -0.1324%.
  • BTPs have rallied with cash yields 2-4bp lower and the curve bull flattening.
  • Supply this morning came from the UK (Bills, GBP4.0bn).
  • The German trade balance deteriorated in November on the back of stronger growth in imports (4.7% M/M vs 0.4% survey) relative to exports.
  • Elsewhere, French industrial production for November came in slightly above expectations (-4.6% Y/Y vs -5.0% survey).
  • US NFP comes into focus this afternoon.
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