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Weaker Ahead Of ECB Decision; BTPs Underperform

EGBS

Core/semi-core EGBs have unwound the recovery seen through the Asia Pac session to trade lower on the day.

  • The weaker-than-expected German IFO reading had a limited impact, with markets awaiting the ECB decision and press conference at 1315GMT/1415CET and 1345GMT/1445CET respectively.
  • This morning's uptick in crude futures amid rising geopolitical risks will also have pressured the space.
  • Bunds trade at their weakest levels since early December, currently -34 at 133.57, with the 133.34/133.30 region (circa 2.40% in yield) the next downside level eyed.
  • The German and French cash curves have bear steepened, with yields 1-3bps higher.
  • Today's issuance slate featured only Italy's BTP Short Term and 5/15-year BTPei auction, which will have contributed to BTP underperformance in the periphery space. 10-year BTP/Bund yields are 1.6bps wider at 157.5bps.
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