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EGB/Gilt: Trading Weaker Ahead of ECB

BOND SUMMARY

EGBs have traded weaker and equities are broadly lower ahead of today's ECB meeting.

  • The June ECB meeting will be closely watched - particularly any adjustments to the PEPP programme.There will be a fresh set of staff macroeconomic projections, which are expected to be revised slightly higher in line with the improvement to the economic outlook since March. The MNI ECB Preview is available online and by email.
  • Bunds opened stronger but quickly began selling off through the morning with the long end slightly underperforming. The curve is 1bp steeper.
  • OATs have underperformed bunds on the day with cash yields broadly 1-2bp higher.
  • It is a similar story for BTPs where yields are also 1-2bp higher with the curve close to flat overall.
  • Gilts opened stronger before selling off back towards yesterday's closing levels.
  • Supply this morning came from Italy (BTPs, EUR7.75bn) and Ireland (IGBs, EUR1.25bn).
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