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EGB/Gilt: Slight Bull Flattening Ahead of Tomorrow's GC Meeting

BOND SUMMARY

European sovereign bonds have firmed this morning alongside a broad sell off in stocks.

  • Gilts have firmed and the curve has bull flattened with the 2s30s spread 2bp narrower.
  • Bund yields are 1-2bp lower across much of the curve.
  • The long end of the OAT curve has also marginally outperformed with very long-end yields down 2bp on the day.
  • Comments from the the ECB's Holzman and Vasle - possibly recorded a few weeks ago and published today in a EUROFI magazine interview - indicate the divergence in opinion ahead of tomorrow's GC meeting. While Vasle argued that highly accommodative monetary policy was still required, Holzman contended that the ECB may need to normalise policy sooner than thought.
  • Supply this morning came from the UK (Gilt Linker, GBP1bn), Germany (Green Bund, EUR3.198bn allotted) and Greece (GTBs, EUR812.5mn). Slovenia is also tapping the 0% Feb-31 bond via syndication with Dow Jones reporting book size of around EUR1bn.
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