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EGB/GILT

BOND SUMMARY

Markets are sticking with the risk-on theme for now with European govies selling off, equities broadly higher and the dollar selling off.

  • The Sep-20 gilt future has traded down to 136.72, 1 tick off the day's low. Cash yields are 2-4bp higher across the curve.
  • The bund curve has bear steepened with the very long-end under pressure. The 30-year benchmark yield is now up 7bp on the day. There was decent demand for the new Schatz issue earlier this morning.
  • OATs trade in line with bunds. The 2s30s spread is 5bp wider no the day.
  • BTPs have sold off sharply across the curve with yields 4-7bp higher.
  • Supply this morning came from the UK (Gilts, GBP4.25bn), Germany (Schatz, EUR4.916bn), Spain (Letras, EUR3.14bn). Finland is also syndicating a 10-year bond.
  • Reflecting the heightened difficulty of measuring economic activity during the pandemic, there was a significant revision to German Q2 GDP (-9.7% Q/Q vs -10.1% previously). The IFO report was mixed with the expectations component slightly below consensus, while the business climate and current assessment components were a touch above expectations.
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