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EGB/Gilt: Soft Start

BOND SUMMARY

EGBs have broadly traded weaker this morning while equities inch higher.

  • Gilts have had a mixed start having opened stronger, selling off and then recovering back towards the Friday close.
  • German bonds have weakened with yields now close to unch on the day.
  • OAT yields are 1bp higher on the day.
  • BTPs have slightly underperformed with cash yields 1-2bp higher.
  • Eurozone industrial production data for April came in stronger than expected (39.3% Y/Y vs 37.4% survey).
  • Supply this morning came from Germany (Bubills, EUR3.569bn). France will come to market to sell BTFs this afternoon.
  • UK PM Boris Johnson is expected to announce a delay to the June 21 reopening later today in a bid to tackle the Delta variant of the coronavirus.

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