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A steadier afternoon session

EGB SUMMARY

A steadier afternoon session for EGBs going into the weekend, as the street awaits for news on US stimulus and Brexit.

  • Bund curve has reversed most of the flattening from this morning and sit bear steeper on the margin.
  • BTP has been the best performer, a continuation from the large buying noted this morning.
  • As such, BTP/Bund spread is 3.4bps tighter on the day.
  • Looking ahead, after market a few ratings are scheduled
  • S&P on the UK (current rating: AA; Outlook Stable), the EFSF (current rating: AA; Outlook Stable), Greece (current rating: BB-; Outlook Stable) & Italy (current rating: BBB; Outlook Negative).
  • Fitch on the Netherlands (current rating: AAA; Outlook Stable).
  • DBRS Morningstar on Greece (current rating: BB (Low); Stable Trend).
  • Bund futures are up 0.08 today at 175.27
  • BTP futures up 0.49 at 148.94
  • OAT futures up 0.19 at 169.34.
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