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Commerzbank say there is an upside risk to....>

BONDS
BONDS: Commerzbank say there is an upside risk to German 10-yr Bund yield rising
next week for a number of reasons and recommend "reducing Bund duration in 10-yr
yields at below 0.60%" and target a yield of above 0.70% by month-end.  
- Commerzbank still expect 10-yr Tsy/Bund spread to "establish a top near
240bps.
- "Fairly robust US retail sales data for April, due out next Tuesday,
skyrocketing oil prices, an ever weaker euro and not least a still positive net
supply next week  clearly point towards upward risks in long-dated euro area
benchmark yields", Commerzbank says.

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