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EGB SUMMARY: Bunds slipped mildly at the open but by lunchtime, thoughts of
bearishness had been long since forgotten.
- Reasons for the subsequent rally began with a decent Austrian auction and a
very strong order book for the 50Y Gilt and a KfW EUR deal. The KfW was said to
have helped the swap curve as KfW deals are often swapped.
- A Trump tweet about selling more high tech weapons to South Korea and Japan
sent a risk-off shiver through markets that included a jot higher to Bunds.
- Some years back, risk-off meant wider Bund-swap and Bund-peripheral spreads
but not these days. As yields fell, the Bund-BTP spread tightened 2bp to 165bp.
- Along the German curve, the 5Y section of the yield curve was very strongly
bid, as was the 30Y. The 10Y section of the German curve struggled to keep pace.
A source mentioned more aggressive ECB purchases, particularly in the German and
- There was a lot of interest in a Norges Bank letter to its Finance Ministry
that recommended many portfolio changes but there was no obvious market