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EGB/Gilt: Covid concerns continue, some focus on equivalence

BOND SUMMARY
  • EGB and gilt markets have clearly been suffering from a holiday hangover. EGBs have remained within yesterday's ranges. Gilts rallied at the open to catch up with yesterday's moves and have pushed on a little higher but on little new news today.
  • The market debate has focused on the final deal the EU and UK will strike on financial services, with the Brexit deal agreed before Christmas not specifically mentioning equivalence so some uncertainty still remains.
  • There has also been some focus on Covid-19 numbers across the region, as concerns about the new strain first identified in the UK which spreads more easily has led to vigilance on the numbers of cases across the Eurozone.
  • Furthermore, media reports that it may take until the end of January for the EU to sign off use of the AZ/Oxford vaccine has helped peripheral spreads widen on the day, led by Italy with 10-year spreads widening 2.8bp at writing.
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