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EGB/Gilt - Risk Off Start

BOND SUMMARY

Markets are characteristically risk off this morning with European sovereign bonds rallying, equities and commodities trading lower and the US dollar gaining against G10 FX.

  • Gilts opened stronger and have been steadily grinding higher through the morning with cash yields now 2-4bp lower on the day and the belly of the curve marginally outperforming.
  • It is a similarly story for bunds where yields are 1-4bp lower and the curve has bull flattened.
  • BTPs have firmed with the curve 2bp flatter.
  • The US National Institute of Allergy and Infectious Diseases has queried AstraZeneca's vaccine trial data, which it claims has used outdated data that may not give a complete view of how effective the jab is. This marks the latest setback for the most conflict-ridden vaccine, which is struggling to gain acceptance in Europe.
  • A committee of MSPs have accused the Scottish First Minister Nicola Sturgeon of misleading parliament, contradicting the outcome of an independent inquiry which yesterday cleared the SNP leader of wrongdoing.
  • Supply this morning came from the UK (Gilts, GBP2.25bn) and the Netherlands (DSL, EUR1.775bn).
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