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EGB/Gilt: Saunders Comments Trigger Gilt Selling

BOND SUMMARY

EGBs have broadly firmed while gilts have sold off alongside a further losses for equities.

  • Gilts initially edged higher early into the session before selling off sharply at 1100GMT when the BoE's Saunders suggested that it may soon be appropriate to withdraw the pandemic stimulus. Gilt yields are now 1-3bp higher with the curve bear flattening.
  • The headline results from today's UK employment report were a touch weaker than expected with job gains of 25k 3m/3m vs 91k expected. However, HMRC's PAYE data indicate a 356k surge in payrolls for June. Further fueling the debate on inflation, average weekly earnings (inc bonuses) pushed up to 7.3% Y/Y in May, up from 5.6% the previous month.
  • Bunds have been bid with yields broadly 1-2bp lower on the day and the curve 2-3bp flatter.
  • The OAT curve has similarly bull flattened with the 2s30s spread 2bp narrower.
  • BTPs have firmed slightly, but have lacked much direction with trading near yesterday's close.
  • Supply this morning came from France (OATs, EUR10.497bn & Linkers, EUR1.73bn), Spain (Bonos/Oblis, EUR5.366bn), Ireland (ITBs, EUR750mn).
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