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EGB/Gilt: Further Bull Flattening

BOND SUMMARY

European government bonds continue to push higher, having started the week on a firm footing yesterday.

  • Gilt yields are 1-4bp lower on the day with the curve 2bp flatter.
  • Bund yields are 1bp lower across the curve, which trades close to flat overall.
  • OATs have marginally outperformed bunds, particularly at the longer end where cash yields have edged down 2bp.
  • The BTP curve has bull flattened with the 2s30 spread 2bp narrower
  • Supply this morning came from the UK (Gilt, GBP2.75bn), Spain (Letras, EUR5.135bn), Belgium (TCs, EUR2.0bn) and the ESM (Bills, EUR1.1bn).
  • The latest German ZEW survey update came in far weaker than expected with teh expectations component dropping to 40.4 in August from 63.3 the previous month and below the 55.0 consensus estimate.
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