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EGB/Gilt: Curves Flatten

BOND SUMMARY

European sovereign curves have flattened this morning while equities have broadly pushed higher.

  • Gilts have firmed across the curve with the long-end outperforming. The curve has flattened 2-3bp.
  • The German curve has similarly flattened, but on the back of the short end trading softer and the longer end gaining. The 2s30s spread has narrowed 3bp on the day.
  • It is a similar story for BTPs where the very long end of the curve has flattened 1bp
  • Pressure on the UK PM is mounting as the fallout from an alleged Downing St party during a period of tightened Covid restrictions continues to rumble on.
  • Tier one data was relatively light this morning. Dutch CPI accelerated sharply in December, with the EU harmonized measure reading 6.4% Y/Y up from 5.9% in November.
  • Supply this morning came from the UK (Gilt, GBP3.0bn), Germany (Linker, EUR630mn allotted), Spain (Letras, EUR5.518bn), the Netherlands (DSL, EUR4.705bn), Belgium (TCs, EUR2.186bn), Austria (RAGBs, EUR1.3 allotted) and the ESM (Bills, EUR1.094bn). In addition, Spain is launching a 10-year bond via syndication with volume of EUR10bn and book size in excess of EUR63bn).
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