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Bund bull flattens, gilts/USTs parallel moves lower for yields

BONDS

On the news re potential German lockdown and Austria lockdown (see prior bullets) we have seen the following moves in bonds:

  • UST and gilt curves see a largely parallel shift - gilt yields down around 4bp across the curve, UST just over 2bp across the curve.
  • Bund curve has bull flattened - Schatz yields down 3.1bp with 5+ yields down around 3.8bp.
  • EGB peripheral spreads widened (10y BTP-Bund spread 2.0bp wider on the day now).
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