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EGB/Gilt: Sell-Off Momentum Builds

BOND SUMMARY

European sovereign bonds have sold off this morning with the EGB periphery underperforming. European equities are broadly lower following a mixed session in Asia, while the dollar is on the front foot across major crosses.

  • The gilt curve has bear steepened with the 2s30s spread 2bp wider.
  • Bunds have underperformed gilts with cash yields 1-4bp higher on the day.
  • The OAT curve is similarly 2-3bp steeper.
  • BTPs have underperformed core EGBs with yields now 3-5bp higher across the curve.
  • Supply this morning came from the UK (Gilts, GBP4.5bn), Germany (ILBs, EUR0.556bn allotted), Austria (RAGBs, EUR1.4bn), Belgium (TCs, EUR2.950bn) and the ESM (Bills, EUR1.5bn).
  • UK PM Boris Johnson is facing increasing pressure among senior Tories over his proposed increase in National Insurance Contributions to fund social care.
  • MNI earlier published its ECB Preview For September, which is available online and by email.
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