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EGB/Gilt: EZ Periphery Leads Regional Gains

BOND SUMMARY

European government bonds have rallied this morning alongside an uneven performance for equities

  • The gilt curve has steepened on the back of the short-end rallying and longer end yields inching higher. The 2s30s spread has widened 3bp.
  • The short-end/belly of the bund curve has similarly outperformed with the long-end of the curve 5bp steeper.
  • OATs have rallied across the curve with the belly outperforming. Yields are now 2-6bp lower on the day.
  • BTPs have outperformed core EGBs. 3-,5-,7-year yields are 10-11bp lower.
  • Supply this morning came from the UK (Gilts, GBP3bn), Germany (ILBs, EUR618mn allotted), Belgium (TCs, EUR1.801bn) and Austria (RAGB, EUR690mn). Later today the UK will offer GBP1.25bn of the 1.625% Oct-71 Gilt, the ESM will sell EUR1.5bn of 3-month bills and France will auction EUR5.1-6.3bn of BTFs.
  • The ECB's de Cos will speak later today.
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