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EGB/Gilt - Risk Sentiment Undermined By Inflation Concerns

BOND SUMMARY

Yesterday's sharp sell-off in US hours has stocked caution in this morning's Europe session with equities trading weaker and G10 FX losing ground against the dollar. EGBs have broadly rallied with the long end of the curve outperforming.

  • Gilts initially firmed, in line with EGBs, but the short end sold off after the Bank of England's Andy Haldane warned that there was a risk of being complacent over the risk of inflation. The long end of the curve is holding relatively firm for now and mirroring the moves in EGBs.
  • Bunds have rallied and the curve has flattened with the 2s30s spread 4bp narrower on the day.
  • OATs have slightly outperformed bunds with yields 1-4bp lower and the long end of the curve close to flat.
  • The BTP curve has similarly flattened.
  • Supply this morning came from the UK (Bills, GBP3.5bn).
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