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EGB/Gilt

BOND SUMMARY

Core European sovereign curves have bear steepened this morning while periphery EGBs and equities have broadly rallied.

  • Gilt yields are 1-2bp higher on the day with the longer end of the curve marginally underperforming.
  • It is a similar story for bunds with the 2s30s spread trading up 2bp.
  • BTPs have rallied with yields 2-3bp lower and the belly slightly outperforming on the day.
  • UK labour market data came in better than expected with the 3m/3m employment change for November reading -88k vs -104k survey, while weekly earnings (ex bonus) increased by 3.6% Y/Y vs 3.2% expected
  • Supply this morning came from the UK (Gilts, GBP4.25bn), Italy (CTZ/BTPEi, EUR4.00bn) and the Netherlands (DSL, EUR2.705bn).
  • The German health ministry appears to have questioned the accuracy of local media reports that suggest the AstraZeneca and Oxford covid vaccines are less effective in those aged over 65 years. This comes amid some acrimony between the UK and EU over the export of vaccines.
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