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EGB/Gilt - A wider spread this morning

BONDS
  • A more steady session for EGBs and Bund so far this morning.
  • RM are mostly on the sideline, not too surprising given the extremely busy week last week especially for Govies and short term rates, as investors repriced the rate path outlook.
  • Attention turns to the Fed and the BoE, with both Central Banks expected to stay unchanged.
  • Initial price action saw better selling interest in Bund, pushing the curve slightly steeper, but we are back in the green at the time of typing.
  • Gilts underperforms and are deep in the red, down 25 ticks, with likely early positioning ahead of the BoE.
  • The move has translated in a Gilt/Bund wider spread, by 3bps, after we tightened by 16.46bps from the 21st October to last Friday.
  • Looking ahead, UK OBR and Rishi Sunak testify.
  • Out of the US, Manufacturing PMI will be final reading, we also get ISM manufacturing and price paid.
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