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EGB/Gilt: Twist Steepening

BOND SUMMARY
  • The gilt curve has twist steepened largely on the back of the front-end rallying. The 2s30s spread has widened 6bp.
  • The bund curve has similarly twist steepened with the 2s30s spread trading up 8bp.
  • OATs have traced out a similar path to bunds with the long end of the curve 8bp steeper.
  • The short end of the BTP curve has outperformed core EGBs. The 2-year benchmark yield is down 6bp on the day.
  • The ECB's Fabio Panetta earlier stated that surging prices do not reflect excess demand and that stopping fragmentation was in the interests of the entire euro area.
  • Supply this morning came from the UK (UKTBs, GBP3bn).
  • The final European PMI data for June were broadly in line with the initial estimates.
  • Focus now shifts to the US ISM manufacturing data for June, which will be published later today.
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