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44 tick range for Bund while Italian political negotiations continue

EGB SUMMARY

Bund futures have stuck to a 44 tick range today and at the time of writing are unchanged on yesterday's close.

  • Supply has been the preeminant theme of the day with almost E6bln of the new Dutch 10-year sold via DDA, E5bln of the new Spanish 50-year sold via syndication and E1.5bln of the new German linker sold via auction.
  • Regarding Italy, our political risk team notes that Nicola Zingaretti, head of the centre-left Democratic Party (PD) has stated that he is 'very satisfied' after holding talks with former ECB chief Mario Draghi regarding the latter putting together a technocratic gov't. Draghi seems to have secured enough support over the weekend to ensure a parliamentary majority. Our political risk team also notes that there is potential for Draghi to be sworn in as PM on Friday.
  • Bund futures are up 0.03 today at 176.15 with 10y Bund yields up 0.3bp at -0.444% and Schatz yields up 0.1bp at -0.715%.
  • BTP futures are up 0.09 today at 152.78 with 10y yields down -0.4bp at 0.503% and 2y yields down -0.3bp at -0.429%.
  • OAT futures are down -0.04 today at 166.26 with 10y yields up 0.6bp at -0.222% and 2y yields down -0.3bp at -0.653%.
BulletMarketsFixed Income Bullets
BulletMarketsFixed Income Bullets

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