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EGB/Gilt: Trading Soft

BOND SUMMARY

Core European sovereign bonds have traded a touch weaker this morning, although have started to claw back the early losses. Equities are broadly higher following yesterday's correction, while G10 FX is trading mixed against the dollar.

  • Gilts have outperformed core EGBs with cash yields 1-2bp higher and the curve bear steepening.
  • The bund curve is marginally steeper with the 2s30s spread 1bp wider on the day.
  • OATs sold off early into the session and have gradually retraced back towards yesterday's closing levels.
  • BTPs have rallied with yields 1-2bp lower and the curve bull flattening.
  • Supply this morning came from the UK (Gilts, GBP2.5bn), Germany (Bund, EUR3.41725bn allotted) and Portugal (BTs, EUR1.25bn).
  • UK inflation data for March came in slightly below expectations (Headline 0.7% Y/Y vs 0.8% survey).
  • Focus remains on the ECB meeting tomorrow. No material change in monetary policy or the economic outlook is expected, but markets will be focused on communication around the weekly PEPP purchases. The MNI ECB Preview has been published and is available online and by email.
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