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EGB/Gilt: Ramsden Urges Gilt Sales Even If BoE Were To Cut Rates

BOND SUMMARY

European government bonds have traded weaker this morning following yesterday's gains. Equities are also lower, while the dollar remains on the backfoot against G10 FX.

  • The BoE's Dave Ramsden earlier stated in a Reuters interview that the central bank would sell gilts even if it were to cut the bank rate in the event of an economic slowdown.
  • Gilts have edged lower with yields up 1-3bp on the day and the curve slightly bear flattening.
  • Bunds have underperformed gilts with yields up 3-5bp.
  • OATs have traced out a similar path with yields up 4-5bp.
  • BTPs have underperformed core EGBs. Cash yields are now 4-7bp higher on the day.
  • Supply this morning came from the UK (Gilt, GBP1.75bn), Germany (Schatz, EUR4.612bn allotted), Spain (Letras, EUR4.815bn), Belgium (TCs, EUR1.8bn) and Austria (RAGBs, EUR1.15bn).
  • The European data calendar was light again this morning with no tier one releases to note.
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