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EGB/Gilt: Safen Haven Flows Intensify

BOND SUMMARY

European government bonds have rallied sharply this morning with double digit moves in yields. Bilateral talks on the Belarusian border between Russian and Ukrainian officials failed to reach a resolution, with Moscow now stepping up its military bombardment.

  • Following a slow start, gilts rallied through the morning with cash yields now down 12-14bp on the day.
  • Bund yields are down 13-16bp.
  • OAT yields are 10-20bp lower with the 5-year benchmark leading the charge.
  • BTPs trade in line with OATs. Cash yields have fallen 10-20bp, with the belly of the curve outperforming.
  • German regional CPI data for February show a broad acceleration from the previous month, with the national estimate due at 1300GMT. Italian CPI surprised higher in the same month (6.2% Y/Y vs 5.5% expected).
  • Supply this morning came from Spain (Letras, EUR5.249bn) and Belgium (TCs, EUR2.4bn),
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