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BTP/Bund trades wider this morning

BONDS
  • Continued small widening in BTP/Bund spread, albeit just by 0.5bp, so far today.
  • Citi and GS, have put a note out, where they favour further widening of the spread, with GS strategists targeting 150bps.
  • This would equate to levels last traded in September 2020.
  • The spread is at present, trading at widest levels since November 2020, after we found a base circa 98/100bps during September.

Chart source: Bloomberg

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