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Continued unwind since the EU Govie open

BONDS
  • Continued unwind in Govies, not too surprising after Bund fell for the past 8 sessions and German Yields recorded new multi year high overnight.
  • Small resistance in Bund moves down to 149.78, followed by 150.07.
  • Italy leads in EGBs, up 113 ticks, pushing the BTP/Bund spread tighter, by 5.1bps to 203.00bps.
  • Gilt and Tnotes are lagging somewhat, and the Gilt/Bund and Tnote/Bund spread drifts wider, albeit by just 0.7bps.

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