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BONDS: EGBs CASH CLOSE: Yields Tick Higher, With German Belly Underperforming

BONDS

EGBs softened modestly Monday, amid a UK market holiday.

  • Yields rose early in the session, in part due to a rise in crude oil prices on a Libyan output stoppage.
  • German IFO came in largely in line with expectations, but nonetheless showed a slight deterioration in sentiment in August vs July.
  • 10Y Bund yields briefly tested the Aug 15 high but pulled back toward the cash close, ultimately trading within recent ranges. The belly of the German curve modestly underperformed.
  • Periphery EGB spreads were little changed, as risk assets failed to find a decisive direction.
  • Tuesday brings the final reading of German 2Q GDP and GfK Consumer Confidence, and ECB's Knot and Nagel speaking.
  • UK markets return from holiday as well (with an expected policy speech by PM Starmer).
  • The main event of the week is the Eurozone August flash CPI round on Thursday and Friday.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is up 2.4bps at 2.398%, 5-Yr is up 3bps at 2.162%, 10-Yr is up 2.3bps at 2.248%, and 30-Yr is up 1.3bps at 2.483%.
  • Italian BTP spread up 0.6bps at 134.8bps  / Spanish up 0.4bps at 79.9bps  
     
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