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EGB/Gilt: Mixed Start To The Weak

BOND SUMMARY

EGBs have got off to a mixed start this week with gilts selling off and euro area sovereign curves broadly steeper. Regional equities are lower, while the dollar is on the back foot against G10 FX.

  • President Emmanuel Macron's centrist Ensemble alliance lost its absolute majority in parliament following the second round of National Assembly elections yesterday. Macron will now need to seek support from opposition parties to implement his policy agenda.
  • The long end of the OAT curve has sold off with the 2s30s spread widening 4bp.
  • The bund curve has marginally twist steepened 1-2bp.
  • The BTP curve has similarly twist steepened with the 2s30s spread trading up 3bp.
  • Gilts had a choppy start to the week before selling-off through late morning with yields now near the day's highs. Cash yields are 4-5bp higher with the curve close to flat overall.
  • Supply this morning came from Germany (Bubills, EUR2.251bn allotted), Netherlands (DTCs, EUR2.48bn), Belgium (OLOs, EUR3.701bn), Slovakia (SlovGBs, EUR480mn). Later today France will offer EUR4.4-6.0bn of BTFs.
  • The European data calendar was light this morning with no tier one releases to note.
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