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EGB SUMMARY: A very busy session for EGB's,...>

BUNDS
BUNDS: EGB SUMMARY:
A very busy session for EGB's, with some very big moves in price actions.
-Draghi statement summary:
Cuts depo rate 10bps as expected (all other rates unch)
Restart in QE E20bln per month but NOT until November 1st - but to buy for "as
long as necessary" Changes modalities of TLTROs - easing terms
Introduces rate tiering 
-During the Q&A:
3 triggers for action:
1) Slowdown is more protracted
2) Risks (e.g. Trade risks) are more persistent
3) Current inflation muted
-Bund initially rallied over 100 ticks during the decision at 12.45BST.
-But we quickly reversed during the presser and on the Tiering details.
-Tiering and multiple explained: More funds held at the ECB can receive 0%
rather than paying the deposit rate.

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