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EGB/Gilt: Broad Gains

BOND SUMMARY

European government bonds have broadly rallied this morning alongside gains for equities.

  • Gilts have firmed through the morning with the curve bull flattening. Cash yields are 3-5bp lower on the day.
  • The long end of the bund curve has similarly outperformed with the 2s30s spread narrowing 4bp.
  • OATs trade in line with bunds. Yields are now 1-5bp lower.
  • The BTP curve has twist flattened with the 2s30s spread trading down 4bp.
  • The ECBs Pablo Hernandez de Cos earlier stated that increase rate hikes should be gradual and that inflation will gradually slow towards the 2% target.
  • Supply this morning came from the UK (UKTBs, GBP2bn) and Italy (BOTs, EUR5bn)
  • The data focus shifts to US PCE and the University of Michigan consumer confidence update for May.
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