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EGB/Gilt: Awaiting The Fed

BOND SUMMARY

European government bonds have traded weaker this morning alongside gains for equities and G10 FX vs the US dollar as markets await the FOMC meeting later today.

  • Gilts have sold off with the curve bear steepening. Cash yields are up 3-6bp while the 2s30s spread has widened 1bp.
  • Bund yields are now 3-4bp higher on the day.
  • OAT yields are similarly up 3-4bp.
  • BTPs have significantly underperformed core EGBs with spreads widening. Cash yields are 4-11bp higher with the belly of the curve leading the charge.
  • Supply this morning came from the UK (Gilts, GBP700mn), Germany (Bund, EUR3.298bn allotted), Italy (BOTs, EUR6bn) and Greece (GTBs, EUR625mn).
  • Ahead of the FOMC decision, US durable goods orders data will be published.
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