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EGB/Gilt: Risk-On Following Strong Chinese GDP Data

BOND SUMMARY

Record economic growth for China in the first quarter has underpinned the risk-on theme this morning. European sovereign bonds have sold off alongside gains for equities.

  • Gilts have traded weaker, but have only partially retraced yesterday's rally. Cash yields are 1-3bp lower on the day with the curve 2bp steeper.
  • The bund curve has similarly bear steepened with the 2s30s spread 1bp wider.
  • OATs have traded weaker, with the belly of the curve marginally underperforming.
  • BTPs trade broadly in line with core EGBs. The curve is 1bp steeper on the day.
  • The DMO earlier sold GBP3.5bn of 1/3/6-month bills.
  • The final Eurozone CPI estimate for March matched the initial reading (0.9% Y/Y)
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