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EGBs/Gilts Broadly Weaker

BOND SUMMARY

European sovereign bonds have broadly traded weaker this morning alongside gains for equities.

  • The gilt curve continues to bear steepen with the 2s30s spread 4bp wider.
  • Bunds started the session on a strong footing, but gave up the early gains to now trade close to unchanged on the day. Last yields: 2-year -0.6905%, 5-year -0.6216%, 10-year -0.3181%, 30-year 0.1924.
  • OATs have traded a touch weaker with the longer end underperforming.
  • BTPs have underperformed core EGBs on the day. Cash yields are 1-3bp higher and the curve 2bp steeper.
  • Supply this morning came from Germany (Bund, EUR3.32bn allotted), Italy (BOTs, EUR6.5bn) and Greece (Bills, EUR812.5mn).
  • The final estimate of German Q4 GDP came in stronger than the original print (0.3% SA Q/Q vs 0.1%, -3.7% WDA Y/Y vs -3.9%).

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