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EGB/Gilt: Mixed Start

BOND SUMMARY

It has been a mixed start to the week with gilts trading weaker, EGBs rallying, equities broadly lower and trading uneven against the USD.

  • Gilts started off on a firm footing but quickly gave up the early gains. The shorter end of the curve has underperformed with the 2s30s spread 1bp narrower on the day.
  • Bunds have firmed with cash yields broadly 1bp lower.
  • It is a similar story for OATs with yields 1-2bp lower and the curve touch flatter.
  • BTPs have traded in line with core EGBs. Yields are 1-2bp lower across the curve.
  • Eurozone retail sales data for February came in better than expected (3.0% M/M vs 1.7% survey.
  • Supply this morning came from Germany (Bubills, EUR3.239bn allotted) and Ireland (Bills, EUR750mn). In addition, the EFSF placed EUR4bn of the 0% Jul-26 bond through syndication with an order book in excess of EUR18bn. Austria has announced a dual-tranche syndication to sell 4- and 50-year bonds, which we expect to take place tomorrow.
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