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Bund Curve Twist Steepens A Little, GGBs Consolidate Recent Outperformance

EGBS

Germany entering a technical recession (as evidenced by revised Q1 GDP data) and a downtick in equities since around the time of the European cash equity open has allowed Bund futures to move away from session cheaps, although the major German FI futures contracts are still lower on the day (albeit with Bunds not testing recent session lows as of yet). The German cash curve comes under some light twist steepening pressure with the major cash benchmarks running -1.0bp to +0.5bp vs. yesterday’s closing levels, pivoting around 10s.

  • The recent Greek outperformance remains the major topic in peripherals, with the 10-Year spread vs. Bunds continuing to operate in the 140bp zone.
  • Elsewhere, the major EGB spreads that we monitor are little changed at the 10-Year point.
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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