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EGB/GILTS SUMMARY

BOND SUMMARY

Bund remains better offered, but the curve is reversing some of the bear steepening, to bear flattening, as the shorter end comes under faster pressure

  • German 5/30s is actually trading at the session low, and within yesterday's range.
  • Peripherals are flat too wider versus the German 10yr, with Portugal and Spain circa 1bp wider.
  • Main story this afternoon, was the delayed US PPI release, which came out stronger, in turn keeping the lid on Core Bonds.
  • Gilts saw similar price action and trended lower in line with EGBs
  • Looking ahead, Fed's Kaplan is the last speaker left for the session
  • Jun Bund futures (RX) down 51 ticks at 171.38 (L: 171.15 / H: 172.07)
  • Germany: The 2-Yr yield is up 1.7bps at -0.697%, 5-Yr is up 3.8bps at -0.63%, 10-Yr is up 3.7bps at -0.299%, and 30-Yr is up 2.6bps at 0.25%.
  • Jun Gilt futures (G) down 21 ticks at 128.27 (L: 127.98 / H: 128.5)
  • UK: The 2-Yr yield is up 0.3bps at 0.049%, 5-Yr is up 1.6bps at 0.356%, 10-Yr is up 2.9bps at 0.778%, and 30-Yr is up 2.4bps at 1.308%.
  • Jun BTP futures (IK) down 80 ticks at 148.53 (L: 148.32 / H: 149.27)
  • Jun OAT futures (OA) down 50 ticks at 161.88 (L: 161.66 / H: 162.53)
  • Italian BTP spread up 3.4bps at 103.2bps
  • Spanish bond spread up 0.8bps at 67.8bps
  • Portuguese PGB spread up 1bps at 57.9bps
  • Greek bond spread down 0.3bps at 116.3bps

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