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EGBs-GILTS: Modest Flattening Ahead Of Bobl Supply

BONDS

Bunds and Gilts have reversed early weakness, ticking slightly higher on the session with modest curve flattening.

  • A risk-on atmosphere prevailing so far though, with equities stronger and EUR and GBP also gaining. Periphery spreads a little tighter.
  • Bonds gained after ECB's Kazaks said a decision on PEPP's future in September would be "premature".
  • Modest volumes thus far in bond futures, and RX and G trading within Tuesday's ranges.
  • Spain services PMI unexpectedly fell in Jully; Italy's rose but by less than expected. The rest of the morning's PMI data all finals (incl Eurozone and UK).
  • Supply consists of E4bln German Bobl auction.

Latest levels:

  • Sep Bund futures (RX) up 10 ticks at 177.07 (L: 176.89 / H: 177.09)
  • Sep Gilt futures (G) up 1 ticks at 130.32 (L: 130.19 / H: 130.34)
  • Sep BTP futures (IK) up 17 ticks at 155.14 (L: 154.96 / H: 155.16)
  • Italy / German 10-Yr spread 0.5bps tighter at 104.3bps
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