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EGB/GILT

BOND SUMMARY

Core European govies have continued trading lower, extending yesterday's losses.

  • The gilt curve has bear steepened slightly with the 2s10s spread 2bp wider. The Sep-20 gilt future trades at 136.27, near the middle of the day's range (L: 136.12 / H: 136.44).
  • German bunds have underperformed with the long-end under pressure. The 30-year benchmark yield is up 4bp and builds on yesterday's losses.
  • OATs have fared a little better on a relative basis with cash yields up 1-2bp across the curve.
  • BTPs have traded firmer and have started to correct some of yesterday's downside. Last yields: 2-year -0.0886%, 5-year 0.4854%, 10-year 1.0147%, 30-year 1.9778%.
  • Supply this morning came from the UK(Gilt, GBP2.75bn), Germany (Bund, EUR2.99bn), Italy (CTZ, EUR3bn), Portugal (OTs, EUR1.25bn) and Greece (Bills, EUR812.5mn).
  • It is another quiet day on the data front with the only release of note being US durable goods for July, which comes out this afternoon (BST).
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