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EGB/Gilt: Mixed Start

BOND SUMMARY

European sovereign bonds trade mixed this morning with gilts/core EGBs broadly firming alongside relatively uneven trading in periphery EGBs.

  • Gilts have edged higher with cash yields 1bp lower on the day and the curve marginally bull flattening following yesterday's steep sell-off.
  • Bunds are similarly slightly firming with the curve 1bp flatter.
  • BTPs have sold off with yields broadly 1-3bp higher and the curve a touch steeper.
  • The SPGB curve has steepened slightly on the back of the short end firming and longer end yields inching higher. The 2s30s spread widening by 1bp.
  • Italian and Spanish PMI data for December came in weaker than expected, while Italian CPI data for the same month was in line with expectations (4.2% Y/Y).
  • Supply this morning came from Germany (Bund, EUR3.13bn allotted), Spain (Bono/Obli/ObliEi, EUR5.68bn) and the EU (Bills, EUR2.999bn). Slovenia is auctioning 4- and 40-year bonds with books last seen above EUR4.6bn for the former and EUR1.5bn for the latter.
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