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EGB/Gilt: Focus on Lagarde later

BOND SUMMARY
  • EGBs and gilts have largely reversed early weakness with gilts largely unchanged and Bunds a little higher on the day.
  • Peripheral spreads are generally a little tighter, with a few exceptions.
  • Eurozone industrial production was a little better than expected while the final print of Spanish HICP was unchanged from the preliminary print.
  • Issuance this morning has seen decent German 30y Bund and UK 30-year linker auctions while Slovakia is holding a 15-year syndication with books of E5.6bln as per the latest update.
  • The most significant news has been the release of more details for the NextGenEU issuance plans. It has been confirmed that both auctions and syndications will take place with 6-monthly funding updates and with issuance due to start in the summer.
  • Later today we will hear from Lagarde in a fireside chat at 15:00BST, Schnabel in a webinar at 18:00BST and the BOE's Haskel at 15:30.
  • Gilt futures are up 0.06 today at 128.27 with 10y yields up 0.1bp at 0.778% and 2y yields up 0.2bp at 0.045%.
  • Bund futures are up 0.15 today at 171.41 with 10y Bund yields down -0.7bp at -0.300% and Schatz yields down -0.2bp at -0.709%.
  • BTP futures are up 0.27 today at 148.48 with 10y yields down -1.3bp at 0.735% and 2y yields up 0.2bp at -0.362%.
  • OAT futures are up 0.21 today at 161.94 with 10y yields down -1.1bp at -0.46% and 2y yields down -0.7bp at -0.672%.
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