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EGB/Gilt: European FI Trades Mixed At The Start of the Week​

BOND SUMMARY

European bonds have traded mixed at the start of the week while equities have broadly inched higher.

  • The gilt curve has steepened on the back of the short-end firming and longer-end yields inching higher.
  • The bund curve has also steepened, albeit with the shorter end trading below the Friday close while the longer end is marginally below closing levels. The 2s30s spread is 2bp wider.
  • OATs have broadly firmed across much of the curve with longer end yields down 1-2bp.
  • ECB President Lagarde has continued to assert that inflation will remain below 2% over the medium-term, in contrast to the hawkish posturing of the Fed and BoE. Lagarde further stressed that policy should remain persistent to entrench the recovery.
  • Supply this morning came from Germany (Bubills, EUR4.882bn allotted), Netherlands (DTCs, EUR3.11bn) and Slovakia (SlovGBs, EUR335mn).
  • The European data calendar was relatively light this morning. Swedish inflation data for October came in a touch above expectations (CPI: 2.8% Y/Y vs 2.7% Y/Y, CPIF: 3.1% Y/Y vs 3.0%).
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