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EGB/Gilt: Vaccine Conflict

BOND SUMMARY

The continued fallout from access to Covid vaccines is the focus this morning after the EU ramped up rhetoric of export bans over the weekend. The shock replacement of the Turkish central bank governor on Saturday, at a time when EM risk is being reassessed amid rising G10 yields, has further fuelled safe haven demand.

  • Gilts have traded firmer and the curve has bull flattened. Cash yields are up to 2bp lower on teh day with the curve 2bp flatter.
  • The long-end of the bund curve has similarly outperformed the broader rally. The 2s30s spread is 2bp narrower.
  • BTPs rallied sharply early in the session but subsequently gave back the gains to trade close to unch on the day. Last yields: 2-year -0.3962%, 5-year 0.0036%, 10-year 0.6631%, 30-year 1.65675.
  • Supply this morning came from Germany (Bubills, EUR3.426bn allotted). The UK DMO announced that the UK's second sovereign Sukuk will be issued in the coming weeks.
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