EGB/Gilts - Curves trade bear steeper

Not too surprising, given the US Bank Holidays, that volumes in EGBs and across assets have been on the much lower side.

• Nonetheless, core and semi core have been better offered throughout the session.
• German curve sit bear steeper at the time of typing, but well within the last 8 days range.
• Peripheral are mostly mixed to flat, while Greece sit 1.1bp tighter versus the German 10yr.
• Gilts are also trading in the red, but outperforms EGBs, bringing the Gilt/Bund spread 1bp tighter.
• Looking ahead, we get UK Boris presser at 17.00BST on Covid, and ECB's Guindos at a Banking conference.
• Attention for this week will be on the FOMC minutes.
• Sep Bund futures (RX) down 35 ticks at 172.74 (L: 172.67 / H: 173.18)
• Germany: The 2-Yr yield is up 0.9bps at -0.662%, 5-Yr is up 1.7bps at -0.588%, 10-Yr is up 2.1bps at -0.214%, and 30-Yr is up 2.1bps at 0.294%.
• Sep Gilt futures (G) down 9 ticks at 128.19 (L: 128.06 / H: 128.31)
• UK: The 2-Yr yield is down 0.2bps at 0.056%, 5-Yr is down 0.5bps at 0.313%, 10-Yr is up 1.1bps at 0.714%, and 30-Yr is up 1bps at 1.236%
• Sep OAT futures (OA) down 30 ticks at 159.19 (L: 159.1 / H: 159.56)
• Sep BTP futures (IK) down 28 ticks at 151.74 (L: 151.61 / H: 152.1)
• Italy / German 10-Yr spread 0.8bps wider at 101.5bps
• Spanish bond spread up 0.2bps at 60.7bps
• Portuguese PGB spread unchanged at 58.2bps
• Greek bond spread down 1bps at 103.2bps