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EGB/Gilt: A Weak Start

BOND SUMMARY

Gilts and EGBs have broadly traded weaker this morning with equities pushing higher and UK stocks slightly outperforming following the public holiday on Monday.

  • Following a strong start, gilts gave up early gains to trade close to flat on the day.
  • Bunds yields are 1bp higher on the day with the curve flat overall.
  • OATs have similarly sold off with yields 1-2bp higher.
  • BTPs trade in line with core EGBs with the curve 1bp steeper.
  • Supply this morning came from Germany (linkers, EUR578.25mn allotted), Austria (RAGBs, EUR1.495bn), Spain (Letras, EUR6.15bn), Belgium (TCs, EUR1.6bn) and the ESM (Bills, EUR1.5bn).
  • The final UK manfacturing PMI print for April came in a touch higher than the initial estimate (60.9 vs 60.7 previously).

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