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Several potential drivers for the downtick in bonds this morning:

  • Spill over from the firmer-than-expected Chinese data/bid in equities.
  • Continued German political and fiscal risks.
  • Higher beta of gilts being further amplified by the reaction to last week’s Budget.
  • Modest pressure from set up for Austrian supply (although this is minor when it comes to wider EGBs).
  • Tsys seemed to track moves elsewhere, as opposed to leading, so we wouldn’t point to any last-minute pre-election set up as a meaningful factor at this stage.
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Several potential drivers for the downtick in bonds this morning:

  • Spill over from the firmer-than-expected Chinese data/bid in equities.
  • Continued German political and fiscal risks.
  • Higher beta of gilts being further amplified by the reaction to last week’s Budget.
  • Modest pressure from set up for Austrian supply (although this is minor when it comes to wider EGBs).
  • Tsys seemed to track moves elsewhere, as opposed to leading, so we wouldn’t point to any last-minute pre-election set up as a meaningful factor at this stage.