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EGBs-GILTS CASH CLOSE: Positive Session

BONDS

Wednesday was a constructive if quiet session for the space, with yields falling steadily over the course of the day amid light news / trade flow, and Eurex futures roll proceeding apace.

  • Germany had yet another weak auction, this time for Bobl; UK 10-/25Y Gilt auctions decent.
  • Data was 2nd tier (German retail sales and Spanish unemp disappointed; UK mortgage approvals higher than expected; Eurozone PPI in line).
  • Heavy issuance ahead Thursday, with Spain selling up to E6.25bln in nominal + linkers, and France selling up to E11bln in OAT (incl Green OAT).
  • Spain and Italy Services PMIs are Thursday's data highlights (the rest are Finals). BOE's Bailey the only scheduled speaker.

Closing German/UK Yields And 10-Yr Spreads To Germany

  • Germany: The 2-Yr yield is down 0.4bps at -0.663%, 5-Yr is down 1.5bps at -0.579%, 10-Yr is down 2bps at -0.198%, and 30-Yr is down 1.9bps at 0.363%.
  • UK: The 2-Yr yield is down 1bps at 0.06%, 5-Yr is down 2.2bps at 0.337%, 10-Yr is down 2.7bps at 0.799%, and 30-Yr is down 1.7bps at 1.328%.
  • Italian BTP spread down 0.3bps at 107.6bps / Spanish spread up 0.5bps at 65.2bps
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