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EGB/Gilt: Bull Flattening Ahead of US Payrolls

BOND SUMMARY

European sovereign bonds have rallied this morning and curves have bull flattened heading into today's US payrolls number. Equities are inching higher, while performance across G10 FX has been mixed.

  • Gilts have outperformed much of the EGB space with cash yields broadly 1-5bp lower and the curve 3-4bp flatter.
  • The longer-end of the bund curve has similarly outperformed with the 2s30s spread 3bp narrower.
  • OAT yields are now 1-3bp lower. It is a similar story for BTPs.
  • The DMO earlier sold GBP1.5bn of 1-/3-/6-month UKTBs.
  • There was no tier one European data published this morning.
  • The UK government is expected to end social distancing on July 19.
  • The UK's opposition Labour party held onto the crucal Batley and Spen parliamentary seat, providing breathing space for the party's beleaguered leader Kier Starmer.
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