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EGB/Gilt: BoE Again In The Spotlight Following Oct CPI Print​

BOND SUMMARY

European FI has traded mixed this morning alongside a similarly uneven showing for equities and FX.

  • The gilt curve has steepened on the back of the short end firming and longer end yields inching higher. The 2s30s spread is 2bp wider.
  • UK CPI surprised higher in October, reading 4.2% Y/Y vs 3.9% expected and elevating pressure on the BoE which left policy unchanged at the last MPC meeting despite turning notably hawkish in the run up to the meeting.
  • Bunds traded mixed across the curve and near yesterday's closing levels.
  • The OAT cuve has bear steepened with the 2s30s spread trading up 2bp.
  • It is a similar story for BTPs where the shorter end trades close to flat on the day and longer end yields are up 1-2bp.
  • Supply this morning came from Germany (Bund, EUR693mn allotted) and the EU (Bills, EUR1.992bn). In addition, Italy is tapping the USD 3.875% May-51 bond via syndication.
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