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Better bid on the cash open

BUNDS

Bund stays underpinned on the cash open, with BTP once again outperforming on the open.

  • ECB Panetta (voter, big dove) comment on tapering, following Villeroy yesterday's keeps the contract supported.
  • In turn German curve lean bull flatter, while BTP eye a test at the initial yield support at 0.930%, which equate circa 147.12.
  • No tier 1 data are scheduled for today, but speakers are scheduled, including ECB Villeroy, Fed Quarles and BoC Tim Lane.
  • SUPPLIES; Italy 2yr EU3.5bn (equate to 23k BTPS or 4.6k BTP), Italian 2030 linker, but won't affect the contracts. German 15yr EU2.5bn (Equates to 24.6k Bund).

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