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A continued rebound in European.........>

EGB SUMMARY
EGB SUMMARY: A continued rebound in European equities is weighing on EGBs more
or less across the board, with core EGBs down most.
- The Mar 19 Bund future is down 28 ticks at 163.68, in the middle of a fairly
narrow trading range of 163.5-163.90. The 2-Yr yield is up 0.8bps at -0.576%,
10-Yr is up 1.2bps at 0.233%.
- BTPs are also lower, with the Mar 19 future down 14 ticks at 126.13, and 2-Yr
yield up 0.9bps at 0.518%. Spreads vs Bunds largely flat for Italy.
- Other periphery EGBs faring better, Spain in 1.3bps vs 10-yr Bunds, Portugal
down 1.7bps and Greece outperforming down 2.9bps.
- Supply a dominant theme this morning, with Germany selling E0.4bln of Apr-30
linkers, Austria allotting E1.1bln in Feb-28/Feb-47 RAGBs, and the Netherlands
tapping Jul-23 DSL for E1.55bln.
- Belgium also syndicating new 10-yr benchmark Jun-29 OLO, books closed above
E28.5bln; size of E6bln; pricing in range from MS+10 area, according to BBG.
- Largely soft data out today, incl German Nov industrial production and EZ Dec
confidence indicators all missing expectations.

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