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EGBs-GILTS: A Little Stronger Pre-ECB, Supply

BOND SUMMARY

Bunds and Gilts are trading a little stronger though within tight ranges (front RX 16 tick range, G 11 ticks), with periphery spreads mixed (BTPs outperforming).

  • Not a risk-off session though, with equities in the green and EUR and GBP higher.
  • With little in the way of data (French biz climate data was in line w expectations) or speakers, ECB decision (1245GMT) and press conference (1330GMT) are the focal point, particularly the latter. Some attention on Norges Bank too (0900GMT).
  • Supply too: Spain (up to E6.5bn), France (up to E12.5bn of OAT and linkers), and the UK (GBP3.25bn) hold auctions this morning.

Latest levels:

  • Mar Bund futures (RX) up 5 ticks at 177.50 (L: 177.4 / H: 177.56)
  • Mar Gilt futures (G) up 9 ticks at 134.41 (L: 134.31 / H: 134.42)
  • Mar BTP futures (IK) up 11 ticks at 151.46 (L: 151.25 / H: 151.6)
  • Italy / German 10-Yr spread 1.3bps tighter at 113.5bps
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