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EGB/Gilt: Core Curves Twist Flatten

BOND SUMMARY

European government bonds trade mixed this morning, albeit with the short-end/belly of most curves now lower on the day. Equity performance has been similarly uneven, while the dollar is still on the back foot against most G10 currencies.

  • Despite speculation of a potential ceasefire agreement being reached, Russian bombardment continues and Ukraine's President Zelenskyy has again asked the US for military aid and support for a no-fly zone.
  • Elsewhere markets are weighing the impact of Fed-led monetary tightening against the economic impact of the Ukrainian war and the resurgence of Covid cases in China.
  • The gilt curve has twist flattened with the 2s30s spread narrowing 5bp.
  • Te bund curve has flattened in a similar fashion with the 2s30s trading down 3bp.
  • The short-end/belly of the OAT curve has underperformed with the very long end of the curve 2bp flatter on the day.
  • BTPs have traded weaker with cash yields broadly 1-3bp higher.
  • Supply this morning came from France (OATs, EUR9.997bn & linkers, EUR1.483bn) and Spain (Bono/Oblis, EUR5.602bn)
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