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EGB/Gilt: Core Curves Flatten

BOND SUMMARY

Core European FI curves have flattened on the back of the short end weakening and longer end making gains. Equities have broadly pushed higher, while FX performance has been mixed.

  • The gilt curve is now 1-2bp flatter on the day.
  • It is a similar story for the bund curve where the 2s30s spread is 2bp narrower.
  • OATs have outperformed at the longer end with benchmark 30- and 50-year yields down 2bp and the very long end of the curve 3bp flatter.
  • The BTP curve has shifted lower with cash yields broadly down 1-3bp.
  • The final estimate of German GDP was a touch weaker in Q/Q terms (1.7% vs 1.8% expected) while in line with the previous estimate in Y/Y terms.
  • Supply this morning came from Italy (BTP/BTPei, EURbn).
  • The ECB's Lagarde and Villeroy are due to speaker later toady as are the BoEs Bailey and Haskel.
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