Yields dropped across most sovereign debt markets in June, amid continued central bank stimulus actions to address the economic fallout from COVID-19. Greece and Italy's 10-year government bonds saw by far the biggest moves during the month. Both countries are eligible for the European Central Bank's Pandemic Emergency Purchase Programme (PEPP) that was expanded by another EUR 600 billion to EUR 1.35 trillion on June 4.
In Greece, the mid-yield on the 10-year benchmark note fell by nearly 37 basis points to close the month at 1.12%, its lowest level for June. The country tapped