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EGB/Gilt - Bear Steepening Theme Continues

BOND SUMMARY

European sovereign bonds have sold off sharply this morning with curves continuing to bear steepen.

  • Gilts have underperformed EGBs with yields 3-10bp higher on the day and the curve 7bp steeper.
  • Ahead of the UK March budget, speculation is building on the possibility of gradual tax rises. Given the government's previous election promise not to raise income taxes or VAT in this parliament, attention is focused on the possibility of adjustments to corporate tax, capital gains and pension relief.
  • Bunds have traded weaker with yields 2-5bp higher.
  • OATs have marginally underperformed bunds with long end yield pushing up 6bp. Last yields: 2-year -0.6056%, 5-year -0.4934%, 10-year 0.0156%, 30-year 0.8180%.
  • BTPs trade closer to gilt. Yields are up 6-9bp on the day.
  • Supply this morning came from Italy (BTP/CCTeu, EUR6.25bn).
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