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EGB/Gilt: Bull Flattening Across The Board

BOND SUMMARY

European sovereign bond curves have sharply bull flattened this morning, while equities have pushed higher and the dollar loses ground against G10 FX.

  • Gilts opened higher and made further gains through the morning. Cash yields are 2-5bp lower on the day with the long end of the curve outperforming.
  • Bunds have rallied sharply with long end yields 5-6bp lower and the curve 5bp flatter.
  • OATs trade broadly in line with bunds. Last yields: 2-year -0.6240%, 5-year -0.5657%, 10-year -0.0866%, 30-year 0.7088%.
  • BTPs have outperformed core EGBs with longer end yields pushing down 7-8bp.
  • Supply this morning came from the UK (Gilts, GBP2.25bn), Spain (Letras, EUR 1.94bn) the Netherlands (dsls, EUR2.330bn), Belgium (TCs, EUR2.933bn) and the ESM (Bills, EUR1.1bn).
  • The final estimate of Eurozone Q4 GDP came in marginally below expectations in Q/Q terms and a touch better on a Y/Y basis (-0.7% Q/Q vs -0.6% survey, -4.9% Y/Y vs -5.0% survey).
  • Focus this week is on the upcoming ECB meeting. MNI will publish its ECB March 2021 preview later today.
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