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A day dominated by Brexit (again)

EGB SUMMARY

Brexit headlines and leaks surrounding Italian green bond preparations have been the talking points in EGB markets today.

  • Headlines from The Sun that Boris Johnson was willing to walk away from Brexit talks imminently saw both gilts and Bunds move sharply higher while peripheral spreads widened. Since then, peripheral spreads have drifted a bit wider but Bunds are a little off of their highs.
  • Elsewhere, Bloomberg headlines suggested that Italy would spend EUR74.3bln on green recovery fund projects. Separating green and non-green spending will be the first step towards Italy's plan to launch a green bond which is expected in 2021.
  • Bund futures are up 0.65 today at 177.83 with 10y Bund yields down -3.4bp at -0.583% and Schatz yields down -1.0bp at -0.762%.
  • BTP futures are up 0.19 today at 151.26 with 10y yields down -1.4bp at 0.609% and 2y yields down -0.2bp at -0.408%.
  • OAT futures are up 0.50 today at 167.79 with 10y yields down -2.9bp at -0.341% and 2y yields down -1.5bp at -0.714%.
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