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EGBs-GILTS: Bear Steepening As ECB Week Begins

BOND SUMMARY

The week has opened with bear steepening in the UK and German curves, and tighter peripheral spreads.

  • European equities on the front foot (conversely, tech stocks/NASDAQ lower) and the USD gaining further ground against the GBP and EUR. ECB decision eyed Thursday.
  • ESM SURE Dec-26 EUR syndication underway, we pencil in E2bn issued.
  • BoE's Bailey speaks at 1000GMT on the economic outlook.
  • German Jan ind production was weaker than expected (though w higher revisions); otherwise light on data.

Latest levels:

  • Jun Bund futures (RX) down 19 ticks at 170.93 (L: 170.84 / H: 171.16)
  • Jun Gilt futures (G) down 5 ticks at 128.22 (L: 128.00 / H: 128.33)
  • Jun BTP futures (IK) up 20 ticks at 148.19 (L: 147.82 / H: 148.26)
  • Italy / German 10-Yr spread 3.1bps tighter at 102.5bps
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