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EGB SUMMARY: Bunds played the Tuesday session on the defensive as the contract
gradually wove a downward trajectory. There was an absence of market moving data
until the US JOLTS data surprised to the upside with a big leap in job openings.
- This news sent the Bund yield to 0.471% (+1.3bp on the day), but a rapid
setting of UST shorts ahead of the 10Y auction and a flurry of S&P mini trades
as the index hit all-time highs added a little more to leave Bunds close to
session lows and the yield at 0.477%.
- Spanish debt was strong as the absence of supply and news that the ECB is
still buying large amounts of Spanish debt helped. Italian debt struggled to
keep pace Iberian debt performance as statistics showed quite strong selling of
government debt by Italian banks in June. This story appeared in an increasing
number of places as the day progressed.
- Austria sold E1.1bln of 2023 and 2047 debt. Auction statistics were good but
the 2023 immediately underperformed as dealers quickly exited a fairly illiquid