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A fairly subdued session for most of the European FI space Monday, with anticipation of Thursday's ECB decision and US CPI data keeping many on the sidelines, and anticipated bond supply appearing to weigh.
- Moves in BTPs were noteworthy though, with spreads widening (10Y vs Bunds + 2bps) on an announcement of a 10-Yr BTP syndication announcement tomorrow. Elsewhere, EFSF raised E2.5bln with tap of Apr-24 bond.
- In general, expected issuance appeared to weigh on core and semi-core, with multiple auctions Tuesday (in addition to the syndication expected for new Dec-31 BTP): the Netherlands sells up to E2.5bln of DSL, Austria E1.4bln of RAGB, Germany E4bln of Bund, and the UK GBP4.25bln of Gilt.
- Earlier today, German factory orders unexpectedly contracted in April (though Mar revised higher). German ZEW / IP and Eurozone final Q1 GDP feature Tuesday.
Closing German/UK Yields And 10-Yr Spreads To Germany
- Germany: The 2-Yr yield is up 0.7bps at -0.664%, 5-Yr is up 1.6bps at -0.582%, 10-Yr is up 1.5bps at -0.198%, and 30-Yr is up 0.6bps at 0.357%.
- UK: The 2-Yr yield is up 1.6bps at 0.085%, 5-Yr is up 2.2bps at 0.358%, 10-Yr is up 1.6bps at 0.806%, and 30-Yr is up 2bps at 1.346%.
- Italian BTP spread up 2.6bps at 111.2bps / Spanish spread up 0.6bps at 67.1bps