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EGB/Gilt: Gazprom Supply Cut Further Fuels Inflation Concerns

BOND SUMMARY

European government bonds have lacked strong direction this morning while equities have broadly pushed higher.

  • Gazprom's decision to cut gas supplies to Poland and Bulgaria has provided a further jolt for energy prices.
  • German and French consumer confidence data for May and April, respectively, came in lower than expected as price pressures continue to intensify.
  • Gilts have traded lower with yields up 2-4bp and the curve slightly bear flattening.
  • The bund curve has twist flattened with the 2s30s spread narrowing 3bp.
  • OATs have traced out a similar path with the curve flattening 3bp.
  • BTPs have traded weaker across the curve with cash yields up 2-3bp.
  • Supply this morning came from Germany (Bund, EUR1.704bn allotted), Italy (BOTs, EUR5bn) and Greece (GTBs, EUR625mn). In addition, the UK sold GBP1.8bn of the 0.125% Mar-73 via syndication with an order book in excess of GBP20.5bn.
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