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EGB/Gilt - Trading Weaker Post FOMC

BOND SUMMARY

In the wake of yesterday's FOMC meeting, equities have pushed higher and EGB curves have bear steepened. Focus will shift to the Q1 US GDP print published later today.

  • Gilts have traded weaker through the morning with the belly marginally underperforming.
  • The bund curve is 3bp steeper on the back of long-end underperformance.
  • OAT yields are broadly 1-3bp higher in the belly/long end.
  • It is a similar story for OATs. Last yields: 2-year -0.2841%, 5-year 0.1790%, 10-year 0.8956%, 30-year 1.8935%.
  • Supply this morning came from Italy (BTPs, EUR7.25bn, CCTeu, EUR1.25bn).
  • The regional German inflation data for April showed a broad acceleration from the previous month. Elsewhere, preliminary April CPI data for Spain surprised higher (1.9% Y/Y vs 1.7% survey).
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