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EGB/Gilt: Risk-Driven Bear Steepening

BOND SUMMARY

The combined impact of the US bipartisan infrastructure agreement and generally strong preliminary PMI data yesterday has fuelled the risk-on theme which has underpinned this morning's equity gains and bear steepening of European sovereign curves.

  • Gilts traded softer from the open with cash yields broadly 1bp higher on the day.
  • The long-end of the bund curve steepened with the 2s30s spread 2bp wider.
  • OATs have underperformed bunds with yields pushing up 1-3bp
  • BTPs are also under performing core EGBs with yields 1-4bp higher.
  • Supply this morning came from Italy (BTP Short Term: EUR2.75bn & BTPei: EUR1bn) and the UK (T-bills, GBP2.5bn).
  • Public Health England has reported the Covid cases involving the Delta variant have increased by 46% over the last week as UK infections continue to rise.
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