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EGB/Gilt: Lacking Direction So Far

BOND SUMMARY

Price action in EGBs has been relatively contained this morning with a lack of clear direction. Tomorrow's FOMC meeting looms large in the background and may account for some caution.

  • Gilts opened stronger and have fluctuated within a narrow band. Cash yields are flat in the short end of the curve and 1bp lower in the belly/long-end.
  • Bunds initially firmed and then sold off back to yesterday's closing levels.
  • It is a similar story for OATs which are now flat on the day.
  • BTPs have firmed slightly in the short-end/belly with yields within 1bp of yesterday's close.
  • Supply this morning came from the UK (Gilts, GBP7.75bn), Germany (Schatz, EUR4.068bn allotted) Spain (Letras, EUR1.94bn) and Finland (RFGBs, EUR1.417bn). In addition the EU issued EUR20bn on inaugural 10-year NGEU bond.
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