25 Jul – 29 Jul 2016


With rates relatively stable movements in the yield curve gradient were less pronounced this week. The 3y/10y spread fell back 3bps to 48bps while the 3y/20y spread reversed most of the 9bps increase from the week before and fell 8bps to 96bps. Unlike the previous week, the movement was totally driven by the 20 year rate which fell 8bps, the 3 year remaining unchanged.