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EGB/Gilt: Edging Lower

BOND SUMMARY

European sovereign bonds traded weaker while equities have edged lower.

  • Gilts initially started the session on a strong footing before grinding lower through the morning. Cash yields are now broadly 1bp higher across the curve.
  • The bund curve has bear steepened with the 2s30s spread 2bp wider on the day.
  • The OAT curve is similarly 1bp steeper.
  • BTPs have marginally underperformed core EGBs with yields 1-3bp higher.
  • Supply this morning came from Germany (Bubills, EUR5.26bn allotted) and the Netherlands (DTCs, EUR3.71bn). France will offer EUR3.8-5.0bn of BTFs this afternoon.
  • There were no significant European data releases this morning. Focus shifts to US Empire Manufacturing later today.
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