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EGB/Gilt - FI Gaining Ground

BOND SUMMARY

European sovereign bonds have traded firmer this morning alongside gains for equities and a mixed performance for FX.

  • Gilt yields are 1-3bp lower on the day with the curve bull flattening.
  • The bund curve has conversely bull steepened with the 2s30s spread widening by 3bp.
  • OATs have outperformed bunds with cash yields 1-5bp lower and the short-end of the curve leading the way.
  • BTPs have lagged the move in OATs with yields 1-3bp lower on the day.
  • UK employment data came in stronger than expected with job gains of 247k on a 3m/3m basis for September (190k consensus). The unemployment rate came in at 4.3% vs 4.4% expected while average weekly earnings came in at 5.8% Y/Y vs 5.6% expected.
  • Supply this morning came from the UK (Gilt, GBP1.75bn), Spain (Letras, EUR1.898bn), Finland (RFGBs, EUR960mn) and the ESM (Bills, EUR1.5bn).
  • The CB speaker slate is relatively light today with just ECB President Christine Lagarde due to speak this afternoon.
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