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A fairly busy session for EGBs, with....>

EGB SUMMARY: A fairly busy session for EGBs, with most Bond better bid across
the board, besides the BTP. 
-All eyes were on the ECB with the CB affirming the size of the PEPP at EU750bn,
but also announcing a new refinancing operation. a new 
-PELTROs consist of seven additional refinancing operations commencing in May
2020 and maturing in a staggered sequence between July and September 2021 in
line with the duration of the collateral easing measures. They will be carried
out as fixed rate tender procedures with full allotment, with an interest rate
that is 25 basis points below the average rate on the main refinancing
operations prevailing over the life of each PELTRO. 
-Bunds are over 100 ticks higher, mainly driven throughout the session by the
Large EU Govie Month End.
-Peripheral are a few basis point wider against the German 10, but BTP are once
again under performing the Bund with the spread sitting 11.3bps wider at 235.9. 
-The unchanged PEPP has been suggested as a possible cause for the Italian bond

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