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Core and semi-core EGBs have enjoyed....>

EGB SUMMARY
EGB SUMMARY: Core and semi-core EGBs have enjoyed a strong ECB-led rally
Wednesday afternoon. 
- Tone this afternoon was set by more dovish-than-expected ECB opening statement
that arguably pointed to the potential for tiering alongside even more negative
deposit rates.
- The Jun 19 Bund future trading at 165.90, 45 ticks higher than when Draghi`s
press conference began.
- Jun OAT futures also rose strongly, last up 42 ticks at 162.65 (H: 162.74).
- Peripheries have lagged, though spreads broadly lower. 10-Yr BTPs vs Bunds are
flat at 243.4bps, Spain down 1.3bps, Portugal down 1.2bps, Greece down 1.7bps.
- EGB supply has been steady the last few days (Portugal, Finland and Austria
today), but two-thirds of the week`s E18bln of gross issuance comes Thursday,
with Italy selling up to E7.75bln and Spain selling E4-5bln.
- Fed March minutes and EU summit (re Brexit) worth watching after hours.
- Thursday also sees final inflation figures for Germany and France, and the Q2
ECB survey of Professional Forecasters. 

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