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EGBs have bear steepened, as the EU comes back from a long weekend break. German 5/30s is at session high, but well within last week's range.

  • Bund and EGBs have led US treasuries lower, small move higher in US Yield, as Europe take stock of the NFP beat last Friday.
  • Peripheral spreads are generally wider, Italy 2.1bp wider, with the exception of Greece, which trades 1.6bp tighter versus the German 10yr.
  • Gilts have traded in tandem with EGBs, and are lower today, despite investors awaiting on any potential decision from MHRA regarding Astra's restrictions.
  • Channel 4 reported that MHRA was considering the restrictions amid concerns about rare blood clots, and a decision could be made as early as today.
  • Looking ahead, no tier 1 data are left for today, on this side or the other side of the pond.
  • On the speaker front, Fed's Barkin takes part in a virtual discussion.
  • Jun Bund futures (RX) down 46 ticks at 171.37 (L: 171.32 / H: 171.89)
  • Jun BTP futures (IK) down 64 ticks at 149.11 (L: 149.07 / H: 149.88)
  • Jun OAT futures (OA) down 46 ticks at 161.95 (L: 161.89 / H: 162.48)
  • Italian BTP spread up 2.1bps at 98bps
  • Spanish bond spread up 0.8bps at 64.4bps
  • Portuguese PGB spread up 0.9bps at 54.5bps
  • Greek bond spread down 0.5bps at 114.7bps

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