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EGB/Gilt: EGBs Twist Steepen

BOND SUMMARY

EGBs started the session on a weak footing before clawing back early losses with curves steepening

  • Gilts have sold off through the session with cash yields now up 4-6bp.
  • The bund curve has twist steepened on the day with the 2s30s spread 6bp.
  • OATs have similarly twist steepened with the 2s30s spread widening 5bp.
  • Supply this morning came from Germany (ILBs, EUR590mn allotted), Spain (Letras, EUR5.847bn), Belgium (TCs, EUR2.518bn) and Finland (RFTBs, EUR987mn).
  • In addition, a new EFSM 5-year bond and an existing EFSM 30-year issue were tapped via syndication with combined size of over EUR7bn. The UK similarly placed a 1.125% Oct-73 Gilt via syndication with size set at GBP4.25bn and an order book in excess of GBP40bn.
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