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EGB/Gilt: A Weak Start

BOND SUMMARY

European sovereign bonds have sold off this morning alongside gains for equities.

  • Gilts have traded weaker with the curve slightly steepening. Cash yields are up 9-10bp.
  • Bunds have underperformed gilts, particularly in the belly of the curve. Yields are now up 7-14bp.
  • The OAT curve has bear flattened. Yields are up 8-16bp while the 2s30s spread has narrowed 6bp.
  • BTPs have traded lower across the curve with yields up 6-13bp..
  • G7 leaders met over the weekend to discuss tougher sanctions against Russia and the provision of military assets to Ukraine.
  • Supply this morning came from Germany (Bubills, EUR4.915bn allotted) and the EU (NGEU bond, EUR2.494bn). Later today France will offer EUR4.1-5.7bn of BTFs).
  • The ECB earlier announced changes to the timing of its monetary policy releases and press conferences, while retaining the existing dates for policy meetings.
  • The European data calendar was light today. Focus shifts to US durable goods orders for May.
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