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EGB/Gilt: Gaining Ground

BOND SUMMARY

European sovereign bonds have rallied this morning with gilts leading the charge.

  • Gilts yields uniformly 3bp lower on the day. Short sterling futures are 4.0-5.5 ticks lower in reds and greens.
  • The ECBs Centeno earlier repeated the official line that inflation remains a 'temporary phenomenon'.
  • Bunds have firmed and the curve has marginally bull flattened with the 2s30s spread narrowing by 1bp.
  • There has been a sharper flattening of the OAT curve on the back of the short-end trading weaker and the longer end rallying. The 2s30s spread is 4bp narrower on the day.
  • BTP cash yields are 1-3bp lower.
  • Supply this morning came from France (OATs, EUR7.494bn & Linkers, EUR1.746bn), Spain (Bono/Oblis, EUR4.115bn) and Ireland (IRTBs, EUR750mn).
  • The European data slate was slight. Focus today will be on US jobless claims and the Philly Fed update.
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