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EGB/Gilt: Mixed Start

BOND SUMMARY

Core European sovereign bonds started the session on a weak footing following yesterday's sell-off, but have firmed through the morning alongside fresh downside for equities.

  • Gilt yields are broadly 1bp lower in the belly and long-end of the curve with the 2s30s spread 1bp narrower.
  • The bund curve has similarly flattened with the 2s30s spread inching down 1bp
  • BTPs have continued to trade weaker with cash yields up to 1bp higher on the day and curve trading close to flat overall.
  • This morning's UK labour market data was a touch better than expected with the official unemployment rate below consensus (4.9% vs 5.0% survey), while the 3m/3m employment change stood at -73k vs -145k expected.
  • Supply this morning came from the UK (Gilts, GBP3.25bn), Germany (Schatz, EUR8.02bn allotted), Spain (Letras, EUR1.96bn) and the ESM (Bills, EUR1.5bn).
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