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EGB/Gilt: EGB Curves Bear Steepen

BOND SUMMARY

Following a volatile start, European sovereign bonds have uniformly traded weaker through the morning with EGB curves bear steepening alongside modest gains for equities.

  • Gilt yields are now uniformly 3bp higher across the curve.
  • Bund yields are 1-3bp higher with the longer end of the curve underperforming.
  • OATs have slightly underperformed bunds with long-end yields pushing up 4bp.
  • BTPs trade in line with core EGBs. The curve is 2bp steeper.
  • Protests in response to fresh Covid-related social restrictions in Europe continued over the weekend with the Netherlands, Belgium and Austria seeing the most disruption.
  • Supply this morning came from Germany (Bubills, EUR 2.792bn allotted) and Belgium (OLOs, EUR3.2bn). This afternoon France will come to market to offer EUR4.4-5.6bn of BTFs.
  • Today's roster of ECB speakers includes Holzmann, Kazaks, Kazimir, de Cos and Guindos.
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