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A busy session for EGBs, with above average volumes.

  • Lack of risk events, has put all the focus on supplies, and Corp issuances will continue to dominate this afternoon.
  • Selling across Govies went through, with the bear steepening bias intact.
  • Bund, BTP, GILT, OAT are all down circa 35 ticks in the session, albeit off the lows
  • German 5/30s made an attempt at the December peak 63.303 (printed 63.275 high).
  • US hope of faster economic recovery, stimulus and a faster vaccination pace has kept Bonds better offered.
  • A busy session for Gilts and the shorter end Sterling strip with contracts selling off, following BoE Bailey's comment on negative rates: "There's a lot of issues with negative rates"
  • UK Money Market have now discounted/pushed back their 10bps cut to December.
  • While OIS moved back to November, for a full cut.
  • Looking ahead, we have no data of note, and focus will turn to ECB de Cos as well as Fed Rosengren and George.
  • In terms of flow, some attention on Issuance pricing out of Europe and the US.
  • Bund futures are down -0.37 today at 176.56
  • BTP futures are down -0.45 today at 151.37
  • OAT futures are down -0.35 today at 166.87
  • Gilt futures are down -0.28 today at 133.91

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