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EGB/Gilt: Weidmann Resignation Could Impact ECB Hawk-Dove Composition

BOND SUMMARY

European sovereign bonds have pushed higher this morning alongside a mixed performance across equities and FX.

  • Bundesbank president Jens Weidmann announced his resignation. This could have a significant impact on the composition of hawks and doves on the GC given that Weidmann has been particularly critical of unorthodox monetary policies over his long tenure.
  • Bunds have firmed with cash yields 1-2bp lower on the day and the short-end of the curve outperforming.
  • The OAT curve has similarly bull steepened.
  • BTPs have traded broadly in line with core EGBs. Yields are now down 2-3bp.
  • UK inflation came in a touch below consensus for September (3.1% Y/Y vs 3.2% expected), though still significantly above target.
  • Gilts have also outperformed at the shorter end with the 2s10s spread 2bp narrower.
  • Supply this morning came from the UK (Gilt, GBP2.25bn) and Germany (Green Bund, EUR1.649bn). Italy is also tapping the 1.50% Apr-45 Green BTP for EUR5bn with books north of EUR48bn.
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