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EGB/Gilt: Mixed Session Amid Background Covid Concerns

BOND SUMMARY

Core European govies have traded weaker this morning while the EGB periphery has largely firmed. The dollar has been on the front foot against global FX, while European equities have posted gains. Rising infections involving the Delta variant of the coronavirus and tightening restrictions in some developed and emerging economies have stoked economic uncertainty.

  • Gilt yields are broadly 1bp higher on the day with the long end of the curve close to flat.
  • Bunds are slightly offered albeit with yields trading near yesterday's close.
  • It is a similar story for OATs with the curve also flattening.
  • BTPs have inched higher with cash yields 1bp lower on the day.
  • Data published by Nationwide show UK house prices soaring 13.4% Y/Y in June, up from 10.9% the previous month. Elsewhere, regional German CPI data for June broadly edged lower, while Euro area economic confidence for the same month improved.
  • There will be a combined EUR15bn 5y/30y dual tranche NGEU bonds issued today.
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