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EGB/Gilt - Govies are all in the green

BONDS
  • A more steady start of the week for EGBs and Bund, following a busy overnight session, with Govies opening gap up, after tensions in eastern Europe escalated over the weekend..
  • Bund is up 91 ticks at the time of typing at 167.06 but short of the overnight high at 167.24.
  • Today, saw some start of rolling positions into the June expiry, but Bund and Bobl are still running below pace.
  • Expect for these to pick up going into the end of the week.
  • EGBs and Bund are higher and taking their cue from the lift seen in Treasuries.
  • Recall, there's decent Month End for the US, so possibly some front running also at play.
  • Month End for the EU and the UK are small, average.
  • Peripheral are wider, with Portugal (1.6bp), and Italy (1.1bp) in the lead.
  • Gilt has kept up for EGBs, and the Gilt Bund spread is just 0.6bp wider at the start of the week, but well within past couple of session's ranges.
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