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EGBs-GILTS: Bull Flattening As Equities Drift

BOND SUMMARY

The UK and German curves are bull flattening (with Bunds outperforming), with periphery spreads mixed to open Tuesday.

  • Bond moves come alongside sideways equity trade and EUR + GBP gains.
  • Supply highlighted by EU SURE 2036 syndication; Netherlands sells up to E2.5bn of Jan-27 DSL, UK sells GBP2.25bn of Oct-41 Gilt.
  • UK DMO consultation minutes out earlier (see 0835/0848GMT bullets).
  • Pretty light data schedule (and no central bank speakers) but Italy IP (0900GMNT) and final Eurozone Q4 GDP (1000GMT) will get a look.

Latest levels:

  • Jun Bund futures (RX) up 32 ticks at 171.2 (L: 170.83 / H: 171.3)
  • Jun Gilt futures (G) up 12 ticks at 128.59 (L: 128.53 / H: 128.76)
  • Jun BTP futures (IK) up 27 ticks at 148.38 (L: 148.05 / H: 148.38)
  • Italy / German 10-Yr spread 0.3bps tighter at 103bps
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