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EGB/Gilt

BOND SUMMARY

Core European govies have traded mixed this morning alongside weaker trading in equities.

  • The gilt curve has steepened on the back of the longer end selling off and the short-end firming. The 2s30s spread is 2bp wider on the day.
  • Bunds have weakened with cash yields broadly 1-2bp higher.
  • It is a similar story for OATs. Last yields: 2-year -0.6367%, 5-year -0.6509%, 10-year -0.3195%, 30-year 0.3851%.
  • The BTP curve has bull steepened. Yields are 2-4bp lower with the short-end outperforming.
  • SPGBs now trade close to unch on the day.
  • Supply this morning came from the UK (Bills, GBP4.0bn).
  • Data published today confirm that UK economic activity contracted in November with the monthly GDP for November coming in at -2.6% M/M vs -4.6% survey.
  • There are signs that coronavirus infection rates are starting to stabilise in parts of England.
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