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EGB/Gilts - Inflation Concerns Stoke Sell Off

BOND SUMMARY

European sovereign bonds have traded weaker this morning and curves have bear steepened alongside a sell-off in stocks on the back of fresh concerns over inflation.

  • Gilt yields are 1-4bp higher with the long-end of the curve underperforming.
  • The bund curve has similarly bear steepened with the 2s30s spread 2bp wider on the day.
  • OATs trade in line with bunds. Last yields: 2-year -0.6446%, 5-year -0.4973%, 10-year 0.1992%, 30-year 0.9823%.
  • BTP yields are 1-4bp higher with the curve 1-2bp steeper.
  • Supply this morning came from the UK (Gilts, GBP4.5bn), Spain (Letras, EUR1.40bn), the Netherlands (DSL, EUR2.35bn), Belgium (TCs, EUR2.852bn) and the ESM (Bills, EUR1.1bn). Germany today placed EUR6bn of a 30-year green bond with books above EUR38.9bn.
  • The German ZEW survey for May surprised higher with the expectations component printing 84.4 vs 72.0 expected.
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