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EGB/Gilt

BOND SUMMARY

European sovereign bonds continue to trade firm this morning as the risk-off theme lingers. Equities are generally soft, while the dollar continues to grind out against most of the G10.

  • Gilts opened stronger but quickly gave back early gains, albeit with much of the curve still trading above yesterday's closing levels.
  • Bund yields are broadly 1-2bp lower on the day with the curve 2bp flatter.
  • OAT yields have similarly inched down 1-2bp across the middle/long end of the curve.
  • BTPs trade in line with core EGBs. The 2s30s spread is 1bp narrower on the day.
  • This morning's European flash PMI prints for March were better than expected and continue to show a sharp divergence between the manufacturing and service sectors. With Covid-related social restrictions being tightened in recent days, this morning's strong PMI reads will prove fleeting.
  • Supply this morning came from the UK (Linker GBP350mn), and Germany (Bund, EUR3.2811bn allotted).
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