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Off To A Weak Start

BOND SUMMARY

Sovereign bonds broadly opened lower and have remained offered through the first half of the morning session alongside modest gains for equities.

  • The UST curve has bear steepened with the 2s30s spread 2bp wider on the day. TYM1 trades at 132-10, near the middle of the morning range (L: 132-07+ / 132-15).
  • Gilts have similarly traded lower with cash yields 1-2bp higher and the short/belly marginally underperforming.
  • Bunds opened lower but soon recovered losses, while still trading marginally below the Friday close.
  • BTPs remain under some pressure with long-end yields 4bp higher and printing fresh highs for the morning.
  • UK PM Boris Johnson has come under increasing pressure over the weekend as his former chief advisor Dominic Cummings alleges that he was willing to accept a higher death toll rather than another lockdown. This comes on top of ongoing criticism over private sector lobbying of the government.
  • The German IFO survey for April came in slightly below consensus with the expectations component reading 99.5 vs 101.2 expected.
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