20 July – 24 July 2015


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The yield curve flattened marginally as long bond yields dropped at the start of the week and, with the exception of one day, kept dropping. 3y yields were slightly less effected, dropping 12bps compared 10y yields which dropped 14bps. Another set of weak Chinese data – flash PMI – at the end of the week added to the general belief of weak global growth prospects. The 3y/10y bond spread closed at 95bps, in from 97bps the previous week.