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EGB/Gilt

BOND SUMMARY

It has been a mixed session so far for European sovereign bonds.

  • Gilts have traded weaker with yields 1-2bp higher and the curve marginally steeper.
  • Bunds started off weaker but clawed back early losses to now trade close to unch on the day.
  • The OAT curve has steepened 2-3bp on the back of the short-end rallying.
  • BTPs have sold off with yields 1-3bp higher.
  • UK CPI came in marginally above expectations for December (0.6% Y/Y vs 0.5% survey, Core 1.4% vs 1.3%). The house price index published the Land Registry continued to surge in November, with growth of 7.6% Y/Y, up from 5.4% the previous month, and partly reflecting the impact from the government's (soon-to-expire) stamp duty holiday.
  • Supply this morning came from Germany (Bund, EUR1.264bn allotted).
  • The ECB monetary policy meeting is next on the agenda tomorrow with no material changes expected. MNI has published its ECB preview, which is available online and by email.
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