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- Another busier session for EGBs and Bund, with likely positioning and some squaring ahead of the US holidays.
- Bund have drifted lower testing through the yield initial resistance at -0.210%, helped by the stronger US data.
- Bund is now off the lows as we head towards the end of the European session.
- Peripheral spreads are wider, with Greece by 5bps.Greek/Bund spread is widest since October 2020.
- Gilts have once again been dominated by rolling position into March.
- Gilt roll pace is now running at 51%.
- Looking ahead ECB Schnabel and US FOMC minutes, but unlikely to be a real mover, with most investors already looking forward and especially at data releases.
- Gilt futures are down -0.33 today at 125.51 with 10y yields up 1.1bp at 1.006% and 2y yields down -0.1bp at 0.583%.
- Bund futures are down -0.19 today at 170.62 with 10y Bund yields down -0.1bp at -0.223% and Schatz yields down -1.5bp at -0.752%.
- BTP futures are down -0.38 today at 150.15 with 10y yields up 1.7bp at 1.077% and 2y yields unch at -0.230%.
- OAT futures are down -0.26 today at 166.42 with 10y yields up 0.6bp at 0.142% and 2y yields down -2.4bp at -0.827%.