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Early spread tightening fading

EGBS

There has been a fading of the early spread tightening we saw on the open, driven by election outcomes in Italy and Portugal.

  • 10-year BTP-Bund spreads which had been over 10bp tigther on the day are now only 6.6bp tighter at the time of typing. We note that BTP future, which hit a high of 147.06 shortly after opening, are now 50 ticks off that high at 146.57. However, we are still over 50 ticks above Friday's high of 146.02.
  • 10-year PGB-Bund spreads are now 1.2bp tigther on the day (from over 3bp tighter earlier).

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