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EGB/Gilt: Trading Gets Off To A Weak Start

BOND SUMMARY

European government bonds have traded weaker this morning while performance in equities and FX has been mixed.

  • Gilts initially opened stronger before selling off through the morning with yields now up 4-5bp.
  • Bunds have similarly traded weaker with yields up 5-6bp on the day.
  • The belly of the OAT curve has marginally underperformed. Cash yields across the curve have pushed up 4-6np.
  • BTPs have underperformed core EGBs with yields up 7-9bp.
  • The proposed EU import ban will be in focus this week, with markets weighing the potential impact on growth and inflation if Member States show further signs of aligning behind the proposal.
  • Chinese economic data missed by a wide margin in April: Industrial production (-2.9% Y/Y vs 0.5% expected), retail sales (-11.1% Y/Y vs -6.6%). The sharp deterioration in economic activity comes amid growing concerns over the global economic outlook, fueled in part by Covid restrictions in China.
  • Supply this morning came from Germany (Bubills, EUR1.914bn allotted), the Netherlands (DTCs, EUR2.44bn) and Slovakia (SlovGBs, EUR480mn).
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