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EGB/Gilt: Still No Resolution To Vaccine Supply Issues

BOND SUMMARY

Markets have shifted to a risk-on position this morning following several days of sovereign bonds trading firmer and equities selling off.

  • Gilts have sold off and the curve has bear steepened. Cash yields are 2-5bp higher and the curve 3bp steeper.
  • Bunds traded weaker from the open with the long end of the curve similarly underperforming. The 2s30s spread is 5bp wider on the day.
  • It is a similar story for OATs where long end yields have pushed up around 5bp.
  • Yesterday's EU summit to tackle the bloc's sluggish vaccine roll out failed to establish a clear strategy for accelerating vaccinations. The EC's most contentious proposal - banning exports of doses to certain countries - received mixed support.
  • The German IFO survey for March surprised to the upside with the expectations component reading 100.4 vs 95.0 consensus.
  • Supply this morning came from Italy (BOTs, EUR6bn).
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