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EGBs Bear Steepening

BOND SUMMARY

European sovereign bond curves have bear steepened this morning, while USTs are a touch firmer.

  • UST cash yields are marginally below yesterday's close. TYU1 trades at 133-30+, near the middle of the day's range (L: 133-28+ / H 134-01+)
  • Gilts have traded weaker with cash yields broadly 1-2bp higher on the day.
  • It is a similar story for bunds with the curve 2bp steeper.
  • OATs trade in line with bunds, with the 2s30s spread widening 2bp
  • The German IFO report for August was a little mixed. The current assessment was slightly stronger than expected and marked an improvement on the previous month, while the expectations component undershot (97.5 vs 100.0 survey).
  • The IGCP will organise an exchange of Portuguese OTs this morning. The IGCP will buy the 4.95% Oct-23 OT and the 5.65% Feb-24 OT, and will sell an equal amount of the 2.1255 Oct-28 OT and the 4.1% Apr-37 OT.
  • Despite pressure from American allies, US President Joe Biden appears to be sticking with his end of month deadline for withdrawing US troops from Afghanistan.
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