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A steady afternoon session pre FOMC

EGB SUMMARY

A more steady afternoon session, following a busy open for EGBs.

  • Bund has pared most of this morning losses, but still sits 25 ticks down on the session.
  • Peripheral are generally wider, with Greece at 2.1bps. While the standout is Italy, albeit just a 1.1bp tighter.
  • Looking ahead, most of the focus will be on the FOMC, but most desks see the June meeting as the key one..
  • Earning tech season continues and includes Apple, Ebay and FB today.
  • Jun Bund futures (RX) down 27 ticks at 170.49 (L: 170.04 / H: 170.62)
  • Germany: The 2-Yr yield is up 0.5bps at -0.683%, 5-Yr is up 1.3bps at -0.586%, 10-Yr is up 1.7bps at -0.232%, and 30-Yr is up 1.5bps at 0.307%.
  • Jun BTP futures (IK) down 11 ticks at 147.45 (L: 147.05 / H: 147.51)
  • Jun OAT futures (OA) down 25 ticks at 161.1 (L: 160.69 / H: 161.23)
  • Italian BTP spread up 3.6bps at 110.6bps
  • Spanish bond spread up 0.2bps at 66.7bps
  • Portuguese PGB spread up 0.7bps at 67.5bps
  • Greek bond spread up 2.2bps at 118.7bps

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