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European sovereign bond markets have started the week on a softer note.
- Gilts opened higher this morning but quickly reversed. Cash yields are now broadly 1bp higher across the curve.
- It is a similar story for bunds. Last yields: 2-year -0.7255%, 5-year -0.7321%, 10-year -0.5365%, 30-year -0.1174%.
- OATs have marginally underperformed bunds with yields up to 2-3bp higher on the day.
- BTPs have sold off with yields up 3bp and the curve trading flat overall.
- Supply this morning came from Germany (Bubills, EUR4.867bn allotted), the Netherlands (DTCs, EUR1.62bn) and Slovakia (SlovGBs, EUR549.6mn).
- The data calendar was light this morning with no Tier 1 releases.
- Focus this week will be on the ECB GC meeting, although no material changes in monetary policy are expected given that a sizeable stimulus package was delivered in December. Focus will instead be on the ECBs interpretation of recent economic developments and lockdown restrictions, as well as any commentary on the value of the euro.