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BONDS: Gilts Off Highs But Remain Firmer; EGBs Slightly Weaker

BONDS

Core/semi-core EGBs sit slightly weaker, with this morning’s corporate and sovereign supply keeping the space under pressure. 

  •  April ECB consumer 3-year ahead inflation expectations were revised a tenth lower to 2.4%, but this was not a market mover.
  • Bunds are -8 ticks at 130.28. Last week’s extension lower reinforced a bearish technical cycle, with a break of 132.11 required to re-instate a bullish theme.
  • German and French cash yields are slightly higher, while 10-year periphery spreads to Bunds are biased wider, retracing some of yesterday’s compression. 
  • Gilt futures are off highs, but remain +26 at 97.17 as UK markets caught up with yesterday’s EGB rally upon returning from the long-weekend. 
  • Gilt yields are -2 to -4bps today, with the curve holding this morning’s bull steepening. 
  • ECB and BoE-dated OIS remain are little changed on the day.
  • ECB’s Centeno and Knot are still scheduled to speak today, while US consumer confidence and UST supply headline this afternoon’s agenda.
     
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