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EGB/Gilt: Bull Flattening

BOND SUMMARY

European sovereign bonds have rallied this morning and curves have bull flattened alongside fresh losses for equities.

  • Gilts rallied early into the session before losing momentum around mid-morning. Cash yields are 1-2bp lower on the day with the curve 1bp flatter.
  • Bunds have slightly outperformed gilts with yields at the very long-end now down 4bp.
  • It is a similar story for OATs where yields have pushed down 1-4bp across the curve.
  • The final estimate of UK Q1 GDP was a touch weaker than the initial print in Q/Q terms (-1.6% vs -1.5% previously). Elsewhere the preliminary harmonised June CPI print for France met expectations (1.9% Y/Y), while German unemployment fell faster than expected in June (-38k vs -20k survey).
  • Supply this morning came from Italy (BTPs, EUR6.0bn) and Greece (GTBs, EUR625mn). In addition, Bloomberg reports a deal size of EUR500n for the Latvia long 7-year.
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