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EGB/Gilt: Covid Fears Trigger Risk Off Move

BOND SUMMARY

Sovereign FI has rallied sharply this morning alongside a sell off in stocks and oil as concerns over the latest Covid variant has hit risk sentiment.

  • Gilts have lead the charge with yields 12-13bp lower and the belly of the curve marginally outperforming.
  • The bund curve has bull flattened with yields 2-7bp lower and the 2s30s spread 5bp narrower.
  • The OAT curve has also flattened sharply with the 2s30s spread trading down 7bp.
  • BTPs have slightly outperformed core EGBs with yields down 5-9bp.
  • Supply this morning came from Italy (BOTs, EURbn) and the UK (Bills, GBP2bn).
  • The ECB's Visco earlier reiterated President Lagarde's often aired sentiments about the risk of premature tightening, warning that the exit from pandemic measures needs to be gradual.
  • The ECBs Lane and de Cos will speak later today as will the BoEs Huw Pill.
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