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EGB/Gilt - Holding Firm

BOND SUMMARY

European sovereign bonds have traded firmer this morning alongside losses for equities and broad USD strength against G10 FX.

  • Gilts opened higher and, despite giving back some of the early gains, remain above yesterday's close.
  • Bunds have rallied with yields 1-2bp lower and the curve marginally flatter.
  • It is a similar story for BTPs where yields are 1bp lower on the day.
  • Preliminary first quarter GDP estimates for the euro area were mixed. France came in significantly stronger, Italy was marginally above consensus, Spain was in line and Germany was worse than expected in Q/Q terms while the annualised estimate was a touch better. The eurozone as a whole was in recession during the first quarter.
  • Elsewhere, the Nationwide Property Price index showed an acceleration in UK house price growth in April (7.1% Y/Y vs 5.0% expected).
  • The UK DMO sold GBp3.5bn of 1-/3-/6-/month T-bills.
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