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Awaiting The ECB

BOND SUMMARY

Sovereign bonds are broadly trading a touch firmer heading into today's ECB meeting. Although no changes to monetary policy or the economic outlook are expected, markets will be focused on any commentary around the weekly PEPP purchases.

  • USTs initially rallied in the European morning, but quickly gave back gains to trade near yesterday's close. TYM1 trades at 132.18, near the bottom end of the day's range (L: 132-17 / H: 132-24+).
  • The gilt curve has flattened with the 2s30s spread 2bp narrower on the day. Short sterling futures are broadly flat/1.0 ticks higher in whites through blues.
  • Bunds have similarly inched higher with the curve 1bp flatter.
  • BTPs opened strongly but soon retraced with cash yields now within 1bp of the last close.
  • French manufacturing confidence data for April came in slightly better than expected.
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