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EGB/Gilt: Trading Weaker; Focus On Thursday ECB Meeting

BOND SUMMARY

European sovereign bonds have broadly traded lower at the beginning of the week alongside uneven trading in equities. Focus this week will be on the Thursday ECB meeting with markets paying particular attention to potential adjustments to the PEPP purchase rate and whether the current "significantly higher" pace will be maintained.

  • Gilt yields are 1-2bp higher with the curve bear steepening.
  • The German bond curve has similarly marginally steepened with the 2s30s spread 1bp wider on the day.
  • OATs have followed bunds lower with the long end also underperforming.
  • It is a similar story for BTPs where cash yields are 1-2bp above the Friday close.
  • Supply this morning came from Germany (Bubills, EUR5.586bn allotted) and the Netherlands (EUR3.04bn).
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