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EGB/Gilt: Vaccine Politics Continues To Deteriorate

BOND SUMMARY

Core European sovereign bond markets traded weaker from mid-morning alongside gains for equities and mixed trading with G10 FX against the US dollar.

  • While the Biden stimulus and success in the US/UK on vaccinations continues to provide support, increasingly negative newsflow around the EU vaccination drive is a limiting factor for risk sentiment.
  • Gilts have sold off with cash yields 1-3bp higher and the curve bear steepening.
  • Bunds started the week on a strong footing before similarly trading weaker from mid-morning. Cash yields are now close to unch on the day.
  • It is a similar story for OATs which also now trade in line with the Friday close.
  • BTPs firmed through most of the morning before selling off over slightly the past hour. Last yields: 2-year -0.3892%, 5-year -0.0092%, 10-year 0.6137%, 30-year 1.5491%.
  • Supply this morning came from Germany (Bubills, EUR5.70bn), Netherlands (DTCs, EUR2.15bn) and Slovakia (SlovGBs, EUR422mn).
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