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EGB/Gilt: Broad Selling

BOND SUMMARY

European government bonds have traded weaker this morning alongside modest gains for equities and G10 FX against the dollar.

  • The preliminary estimate of Q1 GDP for the euro area matched the consensus estimate (0.2% Q/Q, 5.0% Y/Y). In addition, eurozone inflation in April came in at 7.5% Y/Y, inline with expectations, while the core reading printed higher (3.5% vs 3.2% expected).
  • Supply this morning came from the UK (UKTBs, GBP3.5bn) and Italy (BTPs/CCTeu, EUR8.0bn).
  • The bund curve has bear flattened with yields up 3-4bp across much of the curve and the 2s30s spread narrowing 4bp.
  • Having initially opened higher, OATs subsequently traded lower across the curve with yields up 2-4bp on the day.
  • BTPs have underperformed, particularly at the shorter end and belly. Yields are now 3-8bp higher.
  • Yields sold off following a strong start, with the short-end underperforming and the curve twist flattening.
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