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EGB/Gilt: European FI Rallies Amid Equity Fall

BOND SUMMARY

European government bonds have rallied sharply today alongside broad selling of equities in a more characteristic risk-off move.

  • Gilts have firmed with the curve bull flattening. Cash yields are now 2-4bp lower on the day while the curve is 3bp flatter.
  • Bunds have outperformed gilts, particularly at the longer end, with the benchmark 30-year yield down 10bp The 2s30s spread has narrowed 8bp.
  • The long-end of the OAT curve has similarly rallied sharply. Yields are down 1-9bp.
  • BTPs have underperformed core EGBs with yields 2-6bp lower.
  • German Chancellor Olaf Scholz stated that Ukraine's application to join the EU would not be fast-tracked.
  • Supply this morning came from France (OATs, EUR1.497bn) Spain (Bono/Oblis/Green Obli, EUR5.477bn & OATei/OATi, EUR1.497bn), Ireland (IRTBs, EUR750mn).
  • The European data slate was light this morning. Focus now shifts to US initial jobless claims and the Philly Fed Business Outlook update.
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