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EGB/Gilt: Powell Comments Underpin FI Sell-Off

BOND SUMMARY

European government bonds have traded lower this morning in the aftermath of Fed Chair Powell's comments yesterday indicating that the central bank is prepared to be more aggressive in taming inflation.

  • There is still limited tangible signs of a peace deal being reached between Moscow and Kyiv, while US President Joe Biden has warned that there are signs that Russia is considering using chemical weapons.
  • The gilt curve has bear flattened. Cash yields have pushed up 2-4bp with the curve 2bp flatter.
  • The bund curve has similarly flattened with the 2s30s spread trading down 3bp.
  • The OAT curve has twist flattened with the 2s30s spread narrowing 4bp.
  • It is a similar story for BTPs where the curve is 5bp flatter.
  • Supply this morning came from Germany (Bobl, EUR3.325bn allotted), the Netherlands (DSL, EUR2.5bn), Austria (ATBs, EUR1.512bn). In addition EUR10bn of a 10Y NGEU bond and EUR2.17bn of a 15Y SURE bond were sold through syndication.
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