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Gilts/Core EGBs Bid Ahead of BoE

BOND SUMMARY

Gilts and core EGBs have traded firmer heading into today's BoE meeting, alongside uneven trading in equities and broad G10 FX gains against the USD.

  • Gilts yields are 1-2bp lower with the curve 1bp flatter.
  • The bund curve has similarly bull flattened with the 2s30s spread 1bp narrower.
  • OAT yields have edged down 1-2bp.
  • BTPs started on a strong footing before giving up early gains with the short-end/belly of the curve trading close to unch on the day.
  • The BoE decision is announced at 1200GMT. No change in the main policy instruments are expected. The market will be focused on any communication around the pace of weekly asset purchases.
  • Bilateral relations between the UK and France continue to deteriorate with the former sending patrol vessels to the coast of Jersey following a dispute over access to fishing waters for French fisherman.
  • Supply this morning came from France (OATs, EUR10.36bn) and Spain (Bono/Oblis/ObliEi, EUR5.443bn).
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