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EGB/GILT

BOND SUMMARY

Following the sharp sell-off in core govies and bear steepening of sovereign curves, European government bonds have rallied this morning.

  • The Sep-20 gilt future trades at 136.36 up from a morning low of 136.19.
  • The Bund curve has bull flattened with cash yields 1-4bp lower on the day and the 2s30s spread 3bp narrower.
  • OATs trade broadly in line with bunds. Last yields: 2-year -0.607%, 5-year -0.5437%, 10-year -0.1617%, 30-year 0.5355%.
  • BTP yields are simlarly 1-4bp lower on the day with marginal outperformance in the belly.
  • Supply this morning came from Italy (BOTs, EUR7bn).
  • Data published earlier showed a further sharp rebound in Italian industrial sales in June (13.4% M/M following a 41.9% surge the previous month).
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