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EGB/Gilt - Paring Earlier Losses

BOND SUMMARY

European government bonds traded weaker earlier in the session, before partially recovering losses. Equity performance has been mixed, while G10 currencies have broadly gained against the dollar.

  • Gilts have recovered from earlier losses with the short-end now trading close to flat on the day and longer end yields 1bp higher.
  • Bund yields are 1bp across much of the curve, although the very long end of the curve has started to inch above yesterday's close.
  • The very long end of the OAT curve has slightly flattened with the 2s30s spread 1bp narrower.
  • The BTP curve has twist flattened with the 2s30s spread trading down 2bp.
  • Political pressure continues to pile on UK PM Boris Johnson following a poor performance during prime minister questions yesterday amid the ongoing fallout over the Downing St party.
  • Supply this morning came from Italy (BTPs, EUR7.0bn), while Ireland and Cyprus are both issuing 10-year bonds via syndication.
  • European tier one data was relatively light this morning with the only release of note being Italian industrial production which surprised higher in November (6.3% Y/Y vs 3.7%).
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