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BONDS: EGBs-GILTS CASH CLOSE: Bull Flatter

BONDS
BulletMarketsFixed Income Bullets

Gilts outperformed Bunds in a bull flattening move across European curves Tuesday.

  • European bonds fluctuated overnight, with competing moves as US President Trump opined on tariff imposition. Supply weighed on EGBs, with France and Lithuania conducting syndications (France's 15Y OAT seeing record order books >E134B). For their part. Gilts saw limited pressure on a Jan-40 Gilt syndication.
  • After weakening for most of the European morning session, global FI saw a recovery in the afternoon triggered by a slightly softer than expected Canada CPI report.
  • European data was largely shrugged off: UK labour market figures were mixed (soft quantity readings vs. firmer-than-expected private wages). German ZEW expectations fell by more than expected.
  • The German and UK curves bull flattened. Periphery EGB spreads to Bunds closed slightly tighter, with semi-core French OATs outperforming on the aforementioned well-received syndication.
  • Wednesday's calendar is highlighted by ECB speakers including Lagarde, with data including UK public finances.

Closing Yields / 10-Yr EGB Spreads To Germany

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Gilts outperformed Bunds in a bull flattening move across European curves Tuesday.

  • European bonds fluctuated overnight, with competing moves as US President Trump opined on tariff imposition. Supply weighed on EGBs, with France and Lithuania conducting syndications (France's 15Y OAT seeing record order books >E134B). For their part. Gilts saw limited pressure on a Jan-40 Gilt syndication.
  • After weakening for most of the European morning session, global FI saw a recovery in the afternoon triggered by a slightly softer than expected Canada CPI report.
  • European data was largely shrugged off: UK labour market figures were mixed (soft quantity readings vs. firmer-than-expected private wages). German ZEW expectations fell by more than expected.
  • The German and UK curves bull flattened. Periphery EGB spreads to Bunds closed slightly tighter, with semi-core French OATs outperforming on the aforementioned well-received syndication.
  • Wednesday's calendar is highlighted by ECB speakers including Lagarde, with data including UK public finances.

Closing Yields / 10-Yr EGB Spreads To Germany

Keep reading...Show less