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We present the results of a search for continuous gravitational wave signals(CGWs) in the second data release (DR2) of the European Pulsar Timing Array(EPTA) collaboration. The most significant candidate event from this search hasa gravitational wave frequency of 4-5 nHz. Such a signal could be generated bya supermassive black hole binary (SMBHB) in the local Universe. We present theresults of a follow-up analysis of this candidate using both Bayesian andfrequentist methods. The Bayesian analysis gives a Bayes factor of 4 in favorof the presence of the CGW over a common uncorrelated noise process, while thefrequentist analysis estimates the p-value of the candidate to be 1%, alsoassuming the presence of common uncorrelated red noise. However, comparing amodel that includes both a CGW and a gravitational wave background (GWB) to aGWB only, the Bayes factor in favour of the CGW model is only 0.7. Therefore,we cannot conclusively determine the origin of the observed feature, but wecannot rule it out as a CGW source. We present results of simulations thatdemonstrate that data containing a weak gravitational wave background can bemisinterpreted as data including a CGW and vice versa, providing two plausibleexplanations of the EPTA DR2 data. Further investigations combining data fromall PTA collaborations will be needed to reveal the true origin of thisfeature.

The second data release from the European Pulsar Timing Array IV. Search for continuous gravitational wave signals