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EGB/Gilt: ECB Warming Up For July Hike

BOND SUMMARY

European government bonds have traded lower again today while equities continue to inch higher.

  • Adding further fuel to the hawkish shift at the ECB, Mārtiņš Kazāks said that frontloading rate hikes may be reasonable and that a 50bp hike should be considered in July.
  • While President Lagarde reaffirmed her intention to support a 25bp hike in July, she also stressed that if inflation poses a threat the ECB would act more promptly.
  • Bunds have sold off sharply this morning with yields up 9-11bp.
  • OATs have similarly traded lower with the belly of the curve underperforming. Cash yields are now up 8-11bp on the day.
  • The sell-off in BTPs has lagged core EGBs with yields up 4-7bp.
  • Gilt yields have pushed up 6-9bp.
  • Supply this morning came from the UK (linker, GBP1.0bn), and Germany (Bobl, EUR3.235bn allotted)
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