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EGB and supplies

EGBS

Bund ticks higher, in thin volumes despite Equities holding onto gains.

  • Curve is still bear steeper, but starting to unwind some of the early move, with better buying in the longer end.
  • SUPPLIES this week:
  • The Netherlands will be the first to issue with a sale of the 0.75% Jul-28 DSL for E1.5-2.5bn on Tuesday.
  • Austria will follow with a tap of the 0% Feb-30 RAGB and the 2.40% May-34 RAGB for a combined E1.15bn.
  • Germany will offer E4bn of the 0% Aug-30 bund on Wednesday.
  • Portugal will then re-open the 0.475% Oct-30 and the 4.10% Feb-45 OT for E1.00-1.25bn on Wednesday.
  • Italy 7yr and 3yr Thursday
  • Ireland are scheduled to hold auctions on Thursday with details TBA.

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