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Citi: Still Long Post ECB

EGBS
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Citi write “periphery longs might be an attractive way to hold euro longs during the summer amid a data-dependent ECB, in our view.”

  • “We continue to expect further tightening of EGB spreads to Bunds, with BTPs our preferred liquid credit.”
  • “Separately, we believe 5s10s BTP is too steep vs other EGBs with bank flows into BTPs potentially slowing now and supply dynamics supportive."
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Citi write “periphery longs might be an attractive way to hold euro longs during the summer amid a data-dependent ECB, in our view.”

  • “We continue to expect further tightening of EGB spreads to Bunds, with BTPs our preferred liquid credit.”
  • “Separately, we believe 5s10s BTP is too steep vs other EGBs with bank flows into BTPs potentially slowing now and supply dynamics supportive."