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EGB/Gilt: Sovereign FI Rallies

BONDS

European government bonds have rallied this morning, unwinding some of the losses incurred earlier in the week.

  • Gilts have led the charge, particularly at the short end. Cash yields are down 3-14bp on the day.
  • The bund curve has bull steepened with cash yields down 1-9bp.
  • The OAT curve has similarly steepened with the 2s30s spread widening 6bp.
  • BTP yields are up 3-13bp with the short end/belly outperforming.
  • The final estimate of German Q2 GDP came in stronger than the initial reading (0.1% Q/Q vs 0.00% and 1.7% WDA Y/Y vs 1.4%).
  • The German IFO survey data for August came in better than expected across the three main components (business climate, current assessment and expectations).
  • Supply this morning came from the UK (Gilts ,GBP1.50bn), Italy (BTP Short, EUR2.5bn).
  • Focus shifts to US initial jobless claims and the second estimate of Q2 GDP later today.
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