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Free AccessEGB/Gilt: Sovereign FI Bid
European sovereign bonds have rallied across the board this morning alongside gains for equities in what appears to be a reversal of yesterday's moves.
- There is little to suggest a major inflexion point at this stage given that there have been no obvious catalysts to alter the outlook for weaker growth and higher inflation, which remains the dominant theme.
- Gilts have traded higher and the curve has bull flattened. Yields are now 6-8bp lower with the curve 2bp flatter.
- Bunds have underperformed gilts on the day with cash yields down 3-4bp.
- OATs trade broadly in line with bunds, while the curve is close to flat.
- BTPs have outperformed core EGBs with yields down 6-8bp.
- Supply this morning came from the UK (Green Gilt, GBP2.25bn), Germany (Bobl, EUR2.414bn allotted), Spain (Letras, EUR1.876bn), Austria (RAGB, EUR1.38bn), Belgium (TCs, EUR3.206bn), and Finland (RFTBs, EUR1.585bn).
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.