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EGB/Gilt: Sovereign FI Trades Lower

BOND SUMMARY

European government bonds have traded weaker this morning with gilts and bunds under performing alongside broad gains for equities.

  • The about-turn likely reflects an unwind of the recent sharp risk-off move and position-taking amid a divergence of market prices from fair value. Despite a temporary ceasefire, there are no signs of the Russian bombardment of Ukraine ending anytime soon.
  • Gilts initially opened higher but sold off through the morning. Selling pressure has abated slightly, albeit with cash yields still 2-4bp above yesterday's close.
  • Bunds have similarly started to recoup some of the earlier losses. Yields are still up 5-6bp with the curve marginally bear steepening.
  • The sell-off in OATs has lagged bunds with yields up 3-4bp.
  • BTPs are weaker on the day, but have lacked clear direction.
  • Supply this morning came from Portugal (OTs, EUR1bn) and Greece (GTBs, EUR625mn).
  • The European data calendar was light this morning.
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