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EGB/GILT​​​

BOND SUMMARY

It has been a modestly risk-on session so far with the dollar on the back foot against most G10 currencies, equities posting incremental gains and high quality sovereigns selling off.

- The Sep-20 gilt future trades at 138.44, towards the bottom end of the day's range and 4 ticks off the session low.

- The bund curve has bear steepened with the 2s30s spread 2bp wider on the day.

- French OATs have similarly sold off with cash yields broadly 2-3bp higher and the curve trading close to flat overall.

- BTPs trade mixed with yields close to unch on the day. Last yield levels: 2-year -0.0799%, 5-year 0.4463%, 10-year 0.9561%, 30-year 18996%.

- Supply this morning came from Germany (Bobl, EUR4.0bn) and Greece (Bills, EUR812.5mn).

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