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EGB/Gilt: Curves Flatten

BOND SUMMARY

EGBs curves have bear flattened this morning alongside broad gains for equities and FX against the US dollar.

  • The BoE's Andrew Bailey stated that 'moderate' rate rises are likely in the coming months and warned markets not to get carried away.
  • Gilts initially opened weaker before recovering through the morning. Cash yields are now 1-2bp lower on the day.
  • Following on the heels of the escalation in the Ukraine crisis, the ECB's Villeroy stressed the flexibility and optionality of monetary policy.
  • The bund curve has bear flattened with the 2s30s spread narrowing 4bp.
  • The OAT curve has similarly flattened with the 2s30s spread trading down 4bp.
  • The BTP curve has also flattened 4bp.
  • Supply this morning came from Germany (Bund, EUR1.283bn allotted), Italy (BTP Short Term, EUR3bn) and Greece (GTB, EUR625mn).
  • The final Eurozone CPI print for January matched the initial estimate (5.1% Y/Y, 0.3% M/M) with no other tier one European data published this morning.
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