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EGB/Gilt - Trading Weaker Ahead of the FOMC

BOND SUMMARY

European sovereign curves have bear steepened ahead of the FOMC meeting later today, while equities have inched higher.

  • Gilts have underperformed EGBs. Cash yields are 1-5bp higher on the day with the curve 4bp steeper.
  • The bund curve has similarly steepened with the 2s30s spread up 3bp.
  • OATs trade in line with bunds.
  • BTP yields are 1-3bp higher. Last yields: 2-year -0.2841%, 5-year 0.1746%, 10-year 0.8903%, 30-year 1.8864%.
  • Supply this morning came from the UK (linker, GBP900mn), Germany (Bund, EUR2.132bn allotted), Italy (BOTs, EUR6.5bn), Netherlands (DSL, ER2.35bn) and Greece (GTBs, EUR625mn). Portugal also conducted an OT exchange (EUR93mn).
  • French consumer confidence data for April came in slightly stronger than exepcted (94 vs 93 survey).
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