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EGB/GILT: Holding On To Gains

BOND SUMMARY

European sovereign bonds have rallied with curves bull flattening alongside gains of equities and G10 FX losses against the USD.

  • Gilts opened stronger and trading firmer through the morning. Cash yields are 1-5bp lower with the curve 3-4bp flatter.
  • German bonds have similarly posted gains, while falling short of the gilt rally. The bund curve is 3bp flatter on the day.
  • The long-end of the OAT curve outperformed with yields 3bp lower.
  • BTPs trade in line with gilts. Yields are down 1-5bp.
  • UK GDP increased y 2.3% M/M in April, a touch below consensus (2.4%) but marking the fastest pace of expansion since last July.
  • The UK DMO earlier sold GBP3bn of 1/3/6-month bills.
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