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Off To A Weak Start

BOND SUMMARY

Sovereign bonds have started the week on an uneven footing. Having initially opened lower, European FI recovered early losses and traded above the Friday close before selling off again towards the Monday open.

  • USTs have underperformed European bonds with cash yields broadly 2-3bp higher across the curve. TYZ1 trades at 130-17, near the bottom of the day's range (L: 130-16+ / H: 130-24)..
  • Gilts have similarly weakened with yields pushing up 2-3bp and the curve marginally bear flattening.
  • The sell off in bunds has so far been more contained with yields trading within 1bp of the Friday close.
  • The BTP curve has slightly bear steepened with the 2s30s spread 1bp wider.
  • Protests towards fresh Covid-related social restrictions in Europe continued over the weekend with the Netherlands, Belgium and Austria being he main flashpoints.
  • Speaking at a CBI Conference, UK PM Boris Johnson has said he expects people to resume office working, although there is no formal policy to motivate the return to the office.
  • The European data slate is light today.
  • Scheduled ECB speakers include Holzman, Kazaks, Kazimir, de Cos and Guindos.
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