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EGBs/Gilts: Giving Up Early Gains

BOND SUMMARY

European sovereign bonds started the week a strong footing with EGBs subsequently selling off towards midday.

  • Gilts yields are broadly 1bp lower with the curve marginally flatter on the day.
  • Bunds had opened stronger but sold off from around 1130GMT following a headline that the CDU chairman will speak about the chancellor candidacy at 1300 today.
  • OATs have followed bunds lower and now trade close to unch on the day.
  • BTPs similarly trade close to flat.
  • Supply this morning came from Germany (Bubills, EUR4.92bn allotted), Netherlands (DTCs, EUR2.95bn) and Slovakia (SLOVGBs, EUR458.4mn).
  • UK PM Boris Johnson decided to cancel a planned trip to India as a result of surging Covid infections in that country.
  • Focus this week will be on the ECB meeting on Thursday. No material change in monetary policy is expected, but communication around the weekly PEPP purchases will be closely monitored.
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