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EGB/GILT

BOND SUMMARY

Core European govies have traded firmer this morning following a weak start. The data slate has been relatively light in Europe, with German industrial production for July (-10.0% Y/Y vs -7.4% consensus) being the only release of note.

  • Gilts have rallied with cash yields 1-2bp lower and the curve trading flat overall. The Dec-20 gilt future trades at 135.79, 4 ticks off the day's high.
  • The FT reports that the UK government is planning new legislation which would override parts of the Withdrawal Agreement, which would threaten to undermine Brexit negotiations.
  • Bunds opened lower but quickly recovered lost ground to trade close to unch on the day.
  • It is a similar story for French OATs. Last yields: 2-year -0.6307%, 5-year -0.577%, 10-year -0.1748%, 30-year 0.5286%.
  • BTPs have sold off with cash yields ~2bp higher.
  • Supply this morning came from Germany (bubills, EUR3.768bn) and the Netherlands (DTCs, EUR2.59bn).
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