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EGB/Gilt

BOND SUMMARY

European govies have traded firmer through the morning alongside fresh downside for stocks and broad currency losses in the G10 against the US dollar.

  • Gilts opened weaker but quickly recovered losses and now trade marginally above yesterday's closing levels.
  • Preliminary Q4 GDP came in better than expected (1.0% Q/Q vs 0.5% survey and -7.8% vs -8.1%), although on a full-year basis the data confirm that the UK economy has experienced the sharpest contraction in 300 years.
  • The DMO earlier sold GBP2bn of 1-/3-/6-month T-Bills.
  • Bunds are similarly unch on the day having had a weak start to the session. Last yields: 2-year -0.7225%, 5-year -0.090%, 10-year -0.4631%, 30-year 0.0252%.
  • BTPs have rallied with cash yields up to 3bp lower on the curve and the curve flattening. The 2s30s spread s 3bp narrower
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