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EGB/Gilt: Mixed Trading Following Sell-Off Earlier In The Week

BOND SUMMARY

European government bonds have traded mixed this morning following the sell-off earlier in the week. Equity performance has been similarly uneven, G10 FX are broadly lower against the dollar, while oil prices have inched further higher.

  • The gilt curve has twist flattened with the 2s30s spread narrowing 6bp.
  • Bunds have lacked clear direction and now trade close to flat on the day.
  • It is a similar story for OATs, which are also trading near yesterday's close.
  • The belly of the BTP curve has slightly outperformed the short- and long-end.
  • Moscow has warned that the US decision to supply additional rockets to Ukraine "increases the risk" of direct confrontation.
  • UK house prices, recorded by Nationwide, increased further than expected in May (11.2% Y/Y vs 10.5% consensus), adding to the intensifying inflationary picture.
  • Supply this morning came from the UK (UKTBs, GBP2bn), Eurozone (Bills, EUR2.496bn) and Greece (GTBs, EUR625mn). In addition, Germany is selling EUR4bn of a 30-year greenbond via syndication with books last seen over EUR15.8bn).
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