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EGB/Gilt

BOND SUMMARY

European sovereign bonds have broadly rallied this morning alongside dollar strength and cautious trading in equities.

  • Gilts have unwound some of yesterday's sell-off which followed comments from BoE Governor Andrew Bailey on the difficulties of implementing negative rates. Gilt yields are now 1-3bp lower on the day with the curve 1-2bp flatter.
  • The bund curve has similarly bull flattened with the 2s30s spread 3bp narrower.
  • OATs have traded firmer with the longer end also outperforming. Cash yields are down 1-3bp. Last yields: 2-year -0.6263%, 5-year -0.6188%, 10-year -0.2820%, 30-year 0.4100%.
  • The BTP curve has flattened with the the 2s10s spread edging down 2bp on the back of the short end trading weaker and the longer end firming.
  • Supply this morning came from the UK (linker, GBP300mn), Germany (Bobl, EUR4.066bn allotted) and Portugal (OTs, EUR1.25bn).
  • Eurozone industrial production data for November came in better than expected (2.5% Y/Y vs 0.2% survey).
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