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EGB/Gilt: Broadly Lower

BOND SUMMARY

European sovereign bonds have traded weaker this morning alongside a broad more lower for equities.

  • Gilts have progressively sold off during the morning with cash yields broadly 3bp higher across the curve.
  • The bund curve has slightly bear steepened with the 2s30s spread widening by 1bp.
  • The very long end of the OATs curve has steepened more than for bunds with the 2s30s spread trading up 3bp.
  • BTP yields are up 2-3bp wiht the belly of the curve marginally underperforming on the day.
  • The UK economy expanded more than expected in November (1.1% 3m/3m vs 0.8% expected) before the Omicron wave hit.
  • Supply this morning came from the UK (UKTBs, GBP2bn).
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