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Bunds briefly hit another record on.....>

EGB SUMMARY
EGB SUMMARY: Bunds briefly hit another record on dovish comments by ECB's Olli
Rehn, though occurred amid thin trading, and in the end retraced most gains.
- Futures volumes running about 1/2 to 1/3 less than usual, due to U.S. holiday.
- Afternoon's highlight was an interview in Boersen Zeitun with ECB's Rehn which
sounded dovish, citing flexibility with regard to QE limits, and a variety of
options open to the ECB (forward guidance, cut rates or resume QE). 
- Bund yields hit all time lows (-0.409%), but have retraced (last -0.397%).
- Periphery spreads have been pretty steady all afternoon. Italy 10-Yr BTP
5-6bps wider of Germany, with Spain/Portugal/Greece 1-3bps wider.
- Euribor strip steady out to Jun22, then up by as much as 5 ticks further out.
- Back to more usual business Friday; German manufacturing orders the Eurozone
data highlight, and of course, a key U.S. employment report.
- Latest futures levels:
* Sep Bund futures (RX) up 17 ticks at 173.84 (L: 173.61 / H: 174.05)
* Sep BTP futures (IK) down 23 ticks at 138.64 (L: 138.43 / H: 139.8)
* Sep OAT futures (OA) up 23 ticks at 166.41 (L: 166.17 / H: 166.69)

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