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EGBs-GILTS: 10Y BTP Spreads Through 100bp

BONDS

A strong start for Gilts and Bunds, with the UK and German curves have bull flattening modestly in early Friday trade.

  • The bigger standout has been Italian 10Y BTP spreads tightening through 100bp (99.7bp last and 99.5bp session low; eyeing Jun 17 low of 98.1bp).
  • That's in line with a generally risk-on move, with equities pushing higher across the board.
  • With French and Spanish Jul CPI final readings coming in more or less unchanged, a fairly limited schedule lies ahead with no further European data of note (in a key week for US data, today we only get the UMichigan survey report).
  • Only supply is UK bills, and no central bank speakers on the docket.

Latest levels:

  • Sep Bund futures (RX) up 9 ticks at 176.67 (L: 176.47 / H: 176.75)
  • Sep Gilt futures (G) up 11 ticks at 129.58 (L: 129.5 / H: 129.65)
  • Sep BTP futures (IK) up 21 ticks at 155.39 (L: 155.17 / H: 155.43)
  • Italy / German 10-Yr spread 0.7bps tighter at 99.7bps
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