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EGB/Gilt: Gilts Extend Losses

BOND SUMMARY

European sovereign bonds have traded relatively mixed this morning alongside an uneven performance in FX and a broad push higher in equities.

  • Gilts continue to sell off, extending yesterday's losses. Cash yields are now up 2-4bp with the curve steepening.
  • Following a period of intense scrutiny and mounting political pressure from outside and inside his party, UK PM Boris Johnson will now face the outcome of the Gray report into the Downing Street lockdown parties.
  • Bunds have been relatively directionless so far with the curve steepening 1bp.
  • OATs have similarly bounced around in a tight range and now trade close to flat on the day.
  • BTPs have traded weaker and are now marginally below yesterday's closing levels.
  • Supply this morning came from the UK (Gilts, GBP600mn), Germany (Bund, EUR3.344bn allotted), Italy (BTP/BTPei, EUR4.75bn), and Greece (Bills, EUR625mn). Finland also sold EUR3bn of a 20-year bond with book size in excess of EUR16bn.
  • There was no tier one data out of European this morning. Focus now shifts to the FOMC decision later today. Though less impactful, the Bank of Canada policy decision will also be closely watched.
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