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EU SURE Syndication and BOE's Vlieghe the key events of the morning

BOND SUMMARY

A slightly risk-on tone in the European morning session has seen equities a little higher and cored fixed income lower, although peripheral spreads have barely moved.

  • There hasn't been too much in the way of headline developments so far this morning with the focus remaining on Covid-19, Brexit talks and potential US fiscal stimulus (despite the lack of real new news on the topics).
  • This morning has seen the syndication of the new EU SURE bonds get underway. Books are in excess of EUR233bln with issue sizes set at EUR10bln (10-year) and EUR7bln (20-year).
  • BOE's Vlieghe is due to speak at 10:30BST/5:30ET on the "Health of the Economy". This has the potential to be one of the key events of the week for the UK, along with Ramsden's speech tomorrow on "UK Monetary Policy: Issues and Outlook" (and of course any developments on Brexit).
  • Later today we will also have a number of Fed speakers including Quarles, Evans, Singh, Brainard and Bostic.
  • TY1 futures are down -0-5 today at 138-24+ with 10y UST yields up 1.1bp at 0.782% and 2y yields down -0.2bp at 0.146%.
  • Bund futures are down -0.07 today at 176.04 with 10y Bund yields up 0.8bp at -0.621% and Schatz yields up 0.1bp at -0.790%.
  • Gilt futures are down -0.11 today at 136.56 with 10y yields up 1.4bp at 0.182% and 2y yields up 1.3bp at -0.64%.
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