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EGB/Gilt: PMIs Still Strong, EGBs Firm

BOND SUMMARY

EGBs have firmed through the morning while gilts continue to trade on a soft note.

  • Bunds initially sold off soon after the open before reclaiming losses to now trade above yesterday's close. This morning's bund supply was easily absorbed.
  • OATs have similarly firmed with cash yields broadly 1bp lower on the day and the curve marginally flatter.
  • BTPs have slightly outperformed with cash yields 1-3bp lower
  • While the short end of the curve has firmed, the rest of the gilt curve has lacked direction and trade just below closing levels.
  • This morning's PMI data was mixed relative to consensus while still pointing to a strong recovery in economic activity. The preliminary prints for June surpassed expectations for Germany and the wider euro area, while coming in weaker than expected for France. The UK services print was a touch weaker than consensus, while manufacturing surprised.
  • Supply this morning came from the UK (Linker, GBP400mn), Germany (Bund, EUR2.063bn allotted) and Slovenia (Sustainable 10y bond, EUR1bn being placed today via syndication).
  • We published our BoE preview earlier today, which is available online and by email.
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