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EGB/Gilt: Risk Off..Again

BOND SUMMARY

While markets partially reversed last week's risk off move on Monday, equities are once again pushing lower alongside gains for European FI.

  • Gilts are outperforming EGBs with cash yields 4-8bp lower on the day and the curve bull flattening.
  • The long end of the bund curve has similarly outperformed, with the 2s30s spread 2bp narrower.
  • OATs trade boradly in line with bunds with the long end of the curve 3bp flatter.
  • French and Italian CPI for November came in above expectations, with the latter beating by a wide margin (4.0% Y/Y vs 3.3% consensus). This follows closely on the heels of yesterday's bumper 6.0% Y/Y German CPI print.
  • Supply this morning came from Germany (Bund, EUR2.308bn allotted), Italy (BTP/CCTeu, EUR5.75bn).
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