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EGB/Gilt: Bull Flattening

BOND SUMMARY

European sovereign bonds have rallied this morning alongside modest equity gains and uneven trading in G10 FX vs the USD.

  • Gilt cash yields are 1-3bp lower on the day and the curve has bull flattened.
  • Bunds have similarly firmed, but have underperformed gilts. Yields are broadly 1-2bp lower with the curve 1bp flatter.
  • OATs trade in line with bunds. Last yields: 2-year -0.6663%, 5-year -0.559%, 10-year -0.0222%, 30-year 0.8335%.
  • BTPs have slightly outperformed core EGBs, with yields 3-4bp lower in the belly of the curve.
  • Supply this morning came from Ireland (Bills, EUR750mn and the Apr-41 IGB syndication).
  • US retail sales and industrial production for March will be a potential price catalyst for EGBs this afternoon.
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