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Bund futures continue to hit new........>

EGB SUMMARY: Bund futures continue to hit new highs as global risk aversion
continued unabated Wednesday.
- 10-Yr Bund yields touched fresh post-2016 lows this p.m. at -0.178% as
equities sank; last at -0.174%. Curve flattening: 2-Yr yield down 0.2bps at
-0.643%, 5-Yr down 0.8bps at -0.558%, 30-Yr down 1.8bps at 0.469%.
- BTP spreads (10Y v Bunds) compressed over 7bps at one point this morning but
have reversed, last down 1.3bps at 283.1bps.
- Some of renewed weakness attributed to confirmation that Rome has received EU
letter warning over disciplinary process, but this was probably discounted
already, with continued global equity sell-off a better explanation.
- Rest of periphery faring better, Spain in 3.4bps, Greece in 3.7bps, and
Portugal in 4.7bps. Italy supply (CCTeu / M-L BTP) up Thursday.
- Euribor Blues up 1.5 ticks. Latest EGB futures prices:
* Jun Bund futures (RX) up 24 ticks  at 168.04 (L: 167.85 / H: 168.1)
* Jun BTP futures (IK) up 41 ticks  at 130.06 (L: 129.39 / H: 130.46)
* Jun OAT futures (OA) up 34 ticks  at 164.08 (L: 163.83 / H: 164.14)

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