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EGB/Gilt

BOND SUMMARY

European sovereign bonds have broadly traded firmer this morning alongside equity losses and a retracement of G10 FX against the US dollar.

  • Gilts have rallied and the curve has slightly bull flattened. The 2s30s spread is 1bp narrower.
  • Bunds have similarly firmed with yields within 1bp of yesterday's close.
  • It is a similar story for OATs with the curve marginally flatter on the day.
  • The fallout over Covid vaccinations in the EU continues with Belgium sending investigators to the AstraZeneca plant in Seneffe, Hainaut. A call yesterday evening between AstraZeneca chief executive Pascal Soriot and European officials failed to broker a solution that could speed up vaccine deliveries.
  • In the UK, cabinet minister Michael Gove rejected claims that vaccines produced at UK plants could be diverted to the EU.
  • UK PM Boris Johnson headed to Scotland today to extol the virtues of the United Kingdom amid a resurgence in momentum for Scottish independence.
  • Supply this morning came from Italy (BTP/CCTeu, EUR8.75bn)

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