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EGB/GILTs: Curve Steepening As Equity Recovery Builds

BOND SUMMARY

European government bonds trade a touch weaker this morning while equities gains continue to build following losses earlier in the week

  • The gilt curve has steepened on the back of the short end firming and longer end trading weaker. The 2s30s spread is now 2bp wider on the day.
  • It is a similar story for bunds where the curve is 2bp steeper.
  • OATs are broadly weaker with longer end yields up 1-2bp.
  • BTPs trade in line with OATs. The curve is very marginally steeper.
  • The FT reports that the UK government will unveil new demands today to remove border checks in Northern Ireland which is likely to pave the way to another significant clash with Brussels.
  • Supply this morning came from Germany (Bund, EUR1.23bn allotted) and Portugal (BT, EUR1.00bn).
  • There were no tier one data releases this morning.
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