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EGB/Gilt: Ukraine Crisis Escalates

BOND SUMMARY

European government bonds have traded mixed this morning with curves broadly flattening.

  • Core European sovereign bonds opened higher, before selling off through the morning. Conversely, European stocks initially opened lower before recovering through the morning and now trading up on the day.
  • News of Russian troops moving into Eastern Ukraine after President Putin yesterday recognized the separatist regions of Donestk and Luhansk has underpinned this morning's volatility.
  • The gilt curve has twist flattened with the 2s30s spread narrowing 3bp.
  • The bund curve has bear flattened with the 2s30s spread trading down 2bp.
  • OATs have traced out a similar path to gilts with the curve 2bp flatter on the day.
  • BTPs have firmed across the curve with cash yields down 2-4bp.
  • German IFO data came in a touch above expectations for February.
  • Supply this morning came from Austria (ATBs, EUR1.54bn).
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