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A bad say for EGB investors on..........>

EGB SUMMARY: A bad say for EGB investors on Wednesday although Gilts suffered
more. The 10Y Bund yield headed into the close at 0.386%, a rise of 4.7bp. 
- Reasons for the move included hopes that a Brexit Bill has been agreed,
stronger-than-expected German inflation, increased likelihood that the US Senate
might pass the Republican tax plan and a capitulation of stop-losses.
- Within Europe, the German market suffered to a greater degree than other
jurisdictions. Portuguese and Italian spreads to Germany were 3.5-4.0bp tighter
than the close on Tuesday.
- Potential tax changes have supposedly driven high levels of pension fund
investment into long bonds and equities. However, on Wednesday the US curve also
bear steepened aggressively, not helped by a very large 30Y Ultra block. 
- Italy successfully sold E3bln of debt although the size was relatively small
and was not really a market test.

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