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EGB/Gilt: Equity Jitters Underpin Safe Haven FI Bid

BOND SUMMARY

European government bonds have firmed this morning and curves have bull flattened alongside fresh downside for equities. Concerns about a regulatory clampdown in China has underpinned the weakness in Chinese equities and contributed to the risk-off feel to markets this morning.

  • Gilts rallied early into the session and continue to hold near the highs of the morning. Cash yields are 1-2bp lower on the day with the curve 1-2bp flatter.
  • Bund yields are similarly down 1-2bp with the curve slightly bull flattening.
  • OATs trade in line with bunds with the 2s30s spread 1bp narrower.
  • Price action in BTPs has been relatively contained so far with yields within 1bp of yesterday's close.
  • Supply this morning came from the UK (Gilt, GBP3bn) and Italy (BTP Short Term, EUR3.75bn).
  • The ECB's Pablo Hernandez de Cos is due to speak at 1500 GMT, but is unlikely to be market moving (the topic for discussion being: remittance flows and macro/financial stability in Latin America during the pandemic).
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