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EGB/Gilt: Gilts Underperform

BOND SUMMARY

EGBs have firmed in the morning while gilts have sold off sharply alongside a broad rally in equities.

  • Gilts have started the first trading day of the year on a weak footing with cash yields now 6-9bp higher across the curve and the belly underperforming. With no UK-specific catalysts, this morning's move likely reflects spillover from the EGB sell-off yesterday.
  • OATs have rallied, unwinding some of yesterday's losses. Yields are broadly 1-3bp lower with the curve bull flattening.
  • Bunds have similarly firmed, while underperforming OATs on the day.
  • BTPs are close to flat on the day at the shorter-end/belly, while longer-end yields have pushed higher. The 2s30s spread is 1bp wider.
  • Supply this morning came from Germany (Schatz, EUR3.957bn), Belgium (TCs, EUR2.09bn) , Greece (GTBs, EUR625mn) and the ESM (Bills, EUR1.491bn).
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