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EGB/Gilt: Risk-Off Start To The Week

BOND SUMMARY

European government bonds have started the week on a firm footing while equities and oil have inched lower.

  • Concerns over rising Covid infections are further compounded recession fears. The European Centre for Disease Prevention and Control and the European Medicines Agency called for Covid-19 boosters in a statement published today.
  • The race to replace outgoing UK Prime Minister Boris Johnson has heated up with 11 candidates now declared. While former Chancellor of the Exchequer Rishi Sunak is seen as the front runner for now, high-profile challengers such as Sajid Javid, Liz Truss and Jeremy Hunt have sought to differentiate themselves from Sunak and appeal to the wider party by arguing in favour of tax cuts.
  • Gilts opened higher at the beginning of the week with cash yields 3-4bp lower.
  • Bunds opened higher and rallied early into the session before giving back some gains. Yields are now down 3-6bp.
  • OATs have traded in a similar fashion with yields 4-6bp lower.
  • BTPs have slightly underperformed core EGBs with yields down 1-4bp.
  • Supply this morning came from Germany (Bubills, EUR2.408bn allotted) and Greece (GGB, EUR500mn). Later today France will offer EUR4.5-6.1bn)
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