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EGB/Gilt: ECB's Rehn Argues Inflation Surge Is Temporary

BOND SUMMARY

It has been another relatively mixed session for European government bonds this morning while equities have pushed higher and the dollar has gained ground against G10 FX.

  • Gilts have traded weaker with cash yields 1-2bp higher across the curve.
  • Bunds and OATs have firmed slightly across much of the curve, although the very long end has weakened a touch.
  • BTPs have firmed and the curve has marginally bull flattened with the 2s30s spread 1bp narrower.
  • The ECB's Olli Rehn today argued that although euro area growth is robust, monetary policy is still needed to maintain favourable financing conditions and that the recent rise in inflation was the result of temporary factors.
  • Supply this morning came from France (OATs, EUR8.998bn & Linkers, EUR1.862bn), Spain (EUR5.19bn), Ireland (IRTBs, EUR0.75bn). Austria is also issuing a 15-year RAGB via syndication today.
  • The European data slate is light today.
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