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Brisk Corporate Issuance & BTP Dynamics Eyed Early On

BUNDS

A brisk pace of €IG corporate issuance to start the week keeps the rally from session lows in Bunds in check (previously outlined technical support at the 20-day EMA in the futures contract held to the tick), after gyrations surrounding spread plays in BTPs post Fitch’s sovereign credit rating affirmation drove price action early on. The Bund curve bear steepens on the day, with the major benchmarks running 2.5-4.0bp cheaper, while the major German futures contracts all sit comfortably cheaper on the day, albeit off session cheaps.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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