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EGB/Gilt: BTPs Lead EGB Rally

BOND SUMMARY

European government bonds have broadly rallied this morning with the periphery, and BTPs in particular, leading the charge. Equities have posted modest gains, FX is mixed and oil is incrementally higher.

  • The gilt curve has continued to twist steepen, with the long-end driving most of the move. The 2s30s spread has widened 4bp.
  • Bunds have firmed across much of the curve, although the very long end is close to flat on the day. Yields below 10-year maturity are down 2-4bp.
  • The OAT curve has bull steepened with the 2s30s spread trading up 5bp.
  • BTP's have rallied strongly with the belly of the curve outperforming. Cash yields are now down 4-11bp.
  • UK Chancellor of the Exchequer Rishi Sunak is today expected to unveil a package of support measures for households to counter the rise in energy prices. There is speculation that this could include a windfall tax on energy companies, which would face stiff resistance from some in the party.
  • Supply this morning came from Italy (BTP-ST/BTPei, EUR3.5bn)
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