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EGB/Gilt: Bull Flattening

BOND SUMMARY

European sovereign bonds have traded firmer this morning and curves have bull flattened alongside broadly weaker trading in equities.

  • The gilt curve has flattened with the 2s30s spread 2bp narrower.
  • Bunt yields are 1-2bp lower with the long end of the curve similarly slightly outperforming.
  • It is a similar story for OATs where yields have edged down 1-2bp across much of the curve.
  • The UK construction PMI for June came in at 66.3 beating the 64.0 consensus.
  • UK Health Secretary Sajid Javid has warned that coronavirus infections could soar to 100,000 a day once the remaining social restrictions are lifted.
  • Supply this morning came from the UK (Gilts, GBP4.25bn), Germany (ILBs, EUR475mn allotted), France (Syndicated LT OAT, books last above EUR28bn), Spain (letras, EUR5.372bn), Belgium (TCs, EUR1.671bn), Austria (RAGBs, EUR1.3bn).
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