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EGB/Gilt: Yields Push Higher

BOND SUMMARY

European government bonds have sold off sharply this morning while performance in equities and FX has been mixed.

  • Combined NATO, EU and G7 summits take place today as world leaders discuss providing further support to Ukraine and additional sanctions on Russia.
  • European preliminary PMI data for March were mostly stronger than expected. The UK in particular stood out with the services series surprising higher (61.0 vs 58.0 expected).
  • Gilts have sold off progressively through the morning with the curve bear steepening. Cash yields are now up 4-7bp on the day.
  • Bunds have slightly underperformed gilts with yields up 5-8bp.
  • The belly of the OAT curve has underperformed during the sell off. Cash yields are up 4-7bp.
  • BTPs trade broadly in line with OATs with the belly of the curve leading the sell off.
  • Supply this morning came from Ireland (IRTB, EUR750mn).
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