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EGB/Gilt: Local Curves Flatten

BOND SUMMARY

European government bonds started the session on a weak footing before reclaiming the early losses and firming through the morning. Equities are broadly lower across the region while FX performance has been mixed.

  • Having initially traded lower, gilts have recovered ground to now trade close to flat on the day.
  • It is a similar story for bunds, which have now inched above the Friday close.
  • The OAT curve has flattened on the back of the longer end slightly outperforming. The 2s30s spread has narrowed 2bp.
  • BTPs have outperformed core EGBs with cash yields down 3-6bp and the curve bull flattening.
  • Supply this morning came from Germany (Bubills, EUR5.693bn allotted). The EFSF offered a dual tranche of 8-/31-year bonds via syndication with volume set at EUR 3.0bn and EUR2.5bn, respectively. Total book volume closed above EUR30bn.
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