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EGB/Gilt: Sharp BTP Sell-Off Amid Broad EGB Weakness

BOND SUMMARY

European sovereign bonds have traded lower at the start of the week with core-periphery spreads widening. Last week's hawkish central bank meetings (BoE hike & hawkish ECB presser) has underpinned the re-rating of rate expectations.

  • Gilts initially opened higher, but sold off through the morning with cash yields now 2-3bp above the Friday close.
  • The bund curve has bear steepened with the 2s30s spread 4bp wider.
  • OAT yields are 3-5bp higher on the day with the long end of the curve similarly underperforming.
  • BTPs sold off sharply, led by the short-end/belly. Cash yields are 9-17bp higher.
  • Germany industrial production data came in weaker than expected in December (-4.1% Y/Y vs -3.6% consensus).
  • Supply this morning came from Germany (Bubills, EUR4.144bn allotted) and the Netherlands (DTCs, EUR2.99bn).
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