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EGB/Gilt- Periphery Outperforming

BOND SUMMARY

European government bonds have broadly rallied this morning with the EGB periphery outperforming alongside gains for equities.

  • Gilts opened firmer and have traded sideways through the morning. Yields are 1bp lower on the day.
  • Bunds have similarly firmed with the curve 1bp flatter.
  • OATs have marginally outperformed bunds with belly/long-end yields 2-3bp lower on the day.
  • BTPs have outperformed core EGBs with cash yields down 3-5bp.
  • Supply this morning came from Germany (Bubill, EUR3.614bn allotted) and the Netherlands (DSL, EUR1.7bn). France will offer EUR5.3-6.5bn of BTFs this afternoon. The UK is today issuing GBP4bn of a 0.125% Mar-39 linker via syndication with books last seen over GBP28.75bn. There is also a hefty EUR20.3bn OAT redemption today.
  • The final German Q1 GDP print was a touch weaker than the initial estimate (-1.8% Q/Q vs -1.7% previously).
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