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EGB/Gilt: Firm Start To The Week

BOND SUMMARY

European sovereign bonds have started the week on a firm footing while equities are broadly weaker.

  • Gilts have outperformed EGBs with cash yields 1-3bp lower on the day and the curve bull flattening. There was some media speculation over the weekend of a breakdown in relations between UK PM Boris Johnson and the Chancellor of the Exchequer Rishi Sunak.
  • Bunds have edged higher with the curve 1bp flatter.
  • OATs trade in line with bunds with yields 1bp lower across much of the curve.
  • It is a similar story for OATs, which have mirrored the move in core EGBs.
  • Supply this morning came from Germany (Bubills, EUR3.695bn allotted). France will offer EUR4.0-5.2bn of BTFs later today.
  • German trade data for June came in stronger than expected with exports up 1.3% M/M vs 0.3% survey and the trade surplus widening to EUR16.3bn from EUR12.3bn the previous month.
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