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EGB/Gilt: Brief Respite

BOND SUMMARY

European sovereign bonds have traded firmer this morning, partially recovering some of yesterday's sell off. Equities have similarly stabilized after a bout of selling on the back of reemerging inflation concerns.

  • The gilt curve has bull flattened with the 2s30s spread 2bp narrower.
  • Bund yields have edged down 1bp.
  • OAT yields are similarly 1-bp lower on the day.
  • The BTP curve has flattened with the 2s30s spread trading down 1bp
  • Supply this morning came from Italy (BOTs, EUR7.5bn), and Portugal (OTs, EUR1.25bn).
  • Headline UK GDP data for the first quarter came in slightly better than expected in Q/Q terms (-1.5% Q/Q vs -1.6% survey) with government spending doing much of the heavy lifting. The latest monthly GDP print for March surprised higher (2.1% M/M vs 1.5% consensus).
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