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EGBs-GILTS: Curves Retrace Early Steepening

Core FI curves continue to bear steepen though we've retraced much of the early bearish move in Gilts and Bunds as equities head lower.
  • Main event on Monday's calendar is the UK Gov't announcing its roadmap to exit COVID lockdown; PM Johnson set to give statement to Parliament ~15:30GMT. press conference at 19:00GMT.
  • Supply kicks off this week with Belgium selling up to E2.3bn of OLOs incl Green OLO.
  • German Feb IFO at 0900GMT is the day's data highlight.
  • ECB's Lagarde speaks at 1345GMT, BOE's Vlieghe at 1800GMT (though text was released last week).

Latest levels:

  • Mar Bund futures (RX) down 13 ticks at 174.05 (L: 173.58 / H: 174.09)
  • Mar Gilt futures (G) down 16 ticks at 129.92 (L: 129.55 / H: 129.95)
  • Mar BTP futures (IK) down 11 ticks at 151.33 (L: 150.99 / H: 151.36)
  • Italy / German 10-Yr spread 0.1bps wider at 93bps

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