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EGB/Gilt: Gilts Underperform

BOND SUMMARY

European sovereign bonds have sold off this morning with gilts leading the charge. Equities have also edged lower, while the US dollar has made broad gains against global FX.,

  • The shift in monetary policy expectations has further fueled the sell-off in gilts. Cash yields are 3-6bp higher on the day with the 10-year yield at one point touching 1% for the first time since March 2020.
  • The bund curve has bear steepened with the 2s30s spread 2bp wider.
  • The OAT curve has similarly steepened 2bp.
  • BTPs have underperformed core EGBs, particularly in the belly of the curve where yields have pushed up 4-5bp.
  • Supply this morning came from the UK (Gilt, GBP4.0bn), Italy (BOTs, EUR5.5bn), Netherlands (DSL, EUR4.915bn).
  • The European data calendar was relatively light this morning, with no tier one releases for the UK or Eurozone.
  • It is a busy day for central bank speakers with Lagarde, Guindose, Panetta and Schnabel all speaking at the ECB Forum on central banking throughout the day. The BoE's Catherine L Mann is also due to speak on a panel later today.
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