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Brexit and COVID news got some attention Thursday but were largely on the back burner compared with remarkable Eurozone supply headlines.
- These included: E17bln EU SURE dual-tranche syndication saw E233bln in books; BTPs gained temporarily on official confirmation that Italy funding for the remainder of 2020 would be 30% lower vs last year; BBG reporting that Europe's primary bond market has surpassed E1.5trn in annual sales, a record.
- Gilt and EGB curves a little steeper on the day, periphery spreads wider.
Closing Levels / 10-Yr Periphery EGB Spreads:
- Germany: The 2-Yr yield is up 0.4bps at -0.783%, 5-Yr is up 0.8bps at -0.806%, 10-Yr is up 1.3bps at -0.615%, and 30-Yr is up 1.3bps at -0.199%.
- UK: The 2-Yr yield is up 1bps at -0.063%, 5-Yr is up 1bps at -0.078%, 10-Yr is up 1.1bps at 0.18%, and 30-Yr is up 1.2bps at 0.722%.
- Italian BTP spread up 2.6bps at 137.4bps
- Spanish bond spread up 2.2bps at 80.9bps
- Portuguese PGB spread up 1.8bps at 78.6bps
- Greek bond spread up 4.5bps at 149.4bps