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EGB/Gilt: Downward Pressure Subsides

BOND SUMMARY

The downward pressure on European government bonds has alleviated somewhat this morning with Gilts and EGBs trading firmer on the day.

  • Having recently underperformed the broader sell-off, gilts have slightly outperformed core EGBs this morning with cash yields broadly 2bp lower on the day.
  • Bunds and firmed a touch with the curve close to flat overall.
  • It is a similar story for OATs.
  • Similar to gilts, BTPs are outperforming core EGBs. The curve has bull flattened with the 2s30s spread 3bp narrower.
  • UK labour market data for August was generally positive. Employment gains were weaker than expected, but still robust at 235k 3m/3m (vs 250k consensus), while wage growth beat expectations (7.2% Y/Y vs 7.0% expected).
  • Supply this morning came from the UK (Gilt, GBP1.25bn), Germany (EUR3.916bn), Italy (BOT, Eur6bn), Netherlands (DSL, EUR1.75bn), Belgium (TCs, EUR1.012bn), Finland (RFTBs, EUR900mn), ESM (Bills, EUR1.1bn).
  • There is another strong slate of ECB speakers today with Knot, Villeroy, Lane, Elderson and Lagarde due up.
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