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EGB/GILT

BOND SUMMARY

EGBs have been broadly offered through the morning against a risk-on backdrop in global markets.

  • Bund cash yields are 1-2bp higher with the curve now trading close to flat overall.
  • It is a similar story for OATs where yields are similarly 1-2bp higher on the day.
  • Italian and Spanish govies trade broadly in line with the core. Cash yields are within 2bp of yesterday's closing levels.
  • It has been a more uneven start for gilts, which started off on the backfoot early in the session and then subsequently clawed back losses. Last yields: 2-year -0.0545%, 5-year -0.0496%, 10-year 0.2065%, 30-year 0.7780%.
  • Supply this morning came from Germany (Bubill, EUR2.95bn), the Netherlands (DTCs, EUR2.71bn) and Belgium (OLO, EUR1.52bn).
  • The data calendar has been light today. Tomorrow sees the release of the final Q2 GDP print for Germany, as well as the August IFO print.

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