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EGBs-GILTS: Back And Forth

BOND SUMMARY

Bund and Gilt futures are flat on the session after decent moves in the early going, with curves trading mixed amid a busy supply schedule. Periphery spreads trading mixed too.

Supply via syndication in focus, with Italy selling new 20-Yr BTP and the UK selling 0.625% Jul-35 Gilt. In auctions, the Netherlands sells up to E2.5bln in DSL and Austria up to E1.15bln in RAGB.

Final reading of Q2 Eurozone GDP out at 1000BST.

No Eurozone/UK central bank speakers ahead of Thu's ECB decision.** Latest levels:

  • Dec Bund futures (RX) down 6 ticks at 173.65 (L: 173.62 / H: 173.88)
  • Dec BTP futures (IK) up 4 ticks at 144.75 (L: 144.46 / H: 144.8)
  • Dec OAT futures (OA) down 4 ticks at 167.3 (L: 167.2 / H: 167.45)
  • Italy / German 10-Yr spread 0.6bps tighter at 150.3bps

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