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The session began with a bear-steepening sell-off and ended with a duration rally for Gilts and Bunds.
- No discernable headline trigger for the reversal, with equities higher for most of the afternoon (before a late fade), but perhaps a case of having gone too far too quickly.
- BTP spreads came off the lows but still tighter on the session as Draghi gov't formation talks continue in Italy.
- BoE's Bailey and ECB's Lagarde spoke in the afternoon but added little new.
- Slow in supply today, but Tuesday sees German linker auction, Netherland Jul-31 DSL via DDA, and Spain new 50-Yr syndication.
Closing yields/10-Yr Spreads to Bunds:
- Germany: The 2-Yr yield is unchanged at -0.711%, 5-Yr is up 0.2bps at -0.686%, 10-Yr is up 0.3bps at -0.445%, and 30-Yr is up 0.5bps at 0.019%.
- UK: The 2-Yr yield is down 0.8bps at -0.033%, 5-Yr is down 0.3bps at 0.081%, 10-Yr is down 0.7bps at 0.475%, and 30-Yr is down 1.4bps at 1.058%.
- Italian BTP spread down 2.9bps at 95.3bps/Spanish spread unchanged at 57.2bps