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EGB/Gilts: Curves Flatten

BOND SUMMARY

European government bond curves have flattened this morning on the back of the shorter end trading weaker with gilts underperforming EGBs.

  • Focus is on this week's central bank policy meetings with the Federal Reserve and Bank of England expected to raise rates further amid intensifying inflationary pressure.
  • Gilts have traded weaker across the curve with yields up 4-6bp.
  • The bund curve has twist flattened with the 2s30s spread narrowing 5bp.
  • The OAT curve has also twist flattened 4bp.
  • BTPs have similarly traded weaker at the front and stronger at the back of the curve. The very long end of the curve is now 7bp flatter on the day.
  • Supply this morning came from Germany (ILB, EUR560mn allotted), Belgium (TCs, EUR2.365bn) and the ESM (Bills, EUR1.085bn).
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