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EGB/GILT - Attention turns to Jackson Hole

  • EGBs have pared some gains, but we remain within tight ranges.
  • Upside seems to be limited, after Equities erased losses, following some Chinese headlines hitting: "China regulators said to create conditions for China and US to cooperate on Auditing supervision" (As per Reuters),
  • Peripherals are all trading tighter against the German 10yr, with Italy in the lead, by 1.3bp.
  • Gilts have outperformed Bund earlier, pushing the Gilt/Bund spread tighter, trading at level since the 4th of August, but we have since unwound somewhat, to trade 0.6bp tighter, from a 1.4bp.
  • Looking ahead, Fed's Kaplan speaks at Texas tech college of business, where he will take questions from the audience.
  • After market, rating, from S&P on Estonia (current rating: AA-; Outlook Stable) & Switzerland (current rating: AAA; Outlook Stable)
  • Attention turns to Jackson Hole next Friday

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