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EGB/Gilt: Edging Lower

BOND SUMMARY

European sovereign bonds traded weaker this morning with gilts underperforming core EGBs. Equities have broadly pushed higher while G10 FX performance against the dollar has been mixed.

  • Gilts opened lower and traded weaker through the morning. Cash yields are now 3-4bp higher on the day with the curve marginally steeper.
  • Bunds have fared a little better than gilts with yields now 1-2bp higher and the curve 1bp steeper.
  • OATs have similarly traded weaker with the belly of the curve slightly underperforming on the day.
  • The belly of the BTP curve has similarly slightly underperformed.
  • Supply this morning came from Germany (Bubills, EUR2.726bn alloted), the Netherlands (DTCs, EUR2.82bn) Slovakia (SlovGBs, EUR429mn). Later today France will offer EUR4.6-5.8bn).
  • There were no market moving data releases out of Europe this morning.
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