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EGBs-GILTS: Bunds Outperforming, Curves Flat

BONDS

Gilts have reversed early gains with equities picking up steam, though Bunds continue to gain ground. Market continues to mull COVID lockdown impact both in the UK and elsewhere, and of course on Brexit talks.

  • GIlt curve is pretty flat (+0.9-1.1bps), Germany stronger but mixed with belly outperforming (5-yr -1.7bps). Periphery spreads little changed, BTP/Bund coming off Monday's wides.
  • FT reporting Barnier to brief EU ambassadors on Brexit at 1500GMT. Comes after overnight headlines that UK may offer concessions on fishing.
  • UK Q3 GDP 2nd reading a little higher than expected. That's pretty much it for data/speakers Tuesday, though ECB's Centeno speaks at 0930GMT.

Latest levels:

  • Mar Bund futures (RX) up 18 ticks at 178.04 (L: 177.7 / H: 178.09)
  • Mar Gilt futures (G) down 9 ticks at 135.32 (L: 135.26 / H: 135.51)
  • Mar BTP futures (IK) up 25 ticks at 151.85 (L: 151.63 / H: 151.96)
  • Italy / German 10-Yr spread flat at 114.9bps
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