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EGB/Gilts cash close: Bunds at lowest levels in a month this morning

BONDS
  • Bunds were the underperformers in global core fixed income today with 10-year Bund yields up 1.5bp on the day as the curve bear flattened and Schatz remained flat on the day. Indeed, 10-year Bunds futures are at their lowest level in a month, but are higher than the nadir of around 8:00BST/9:00CET this morning.
  • Greek spreads have widened notably today, with GGB-Bund 10-year spreads 4.7bp wider on the day. There is no real new news, but there continues to be market discussion of whether Greek bonds will be eligible for purchase under the APP when PEPP eventually ends next year. The market is still hopeful, but the ECB have not given much encouragement to this possibility yet.
  • Most other EGB spreads have been unremarkable.
  • Gilts have been less affected by the sell-off than either Bunds or Treasuries with the curve seeing a parallel shift lower.
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