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EGBs-GILTS CASH CLOSE: Supply Pressure

BONDS

Bunds and Gilts weakened with continued bear steepening Tuesday.

  • Story of the day was issuance: Cyprus E1bn 10-Yr, Finland E3bn 30-Yr, Belgium E5bn 50-Yr; Portugal 30-Yr mandate hit PGBs as well. Meanwhile, UK sold GBP4bn of 5-Yr/50-Yr Gilt, while Germany had a weak Schatz auction.
  • Also an eye on large French and Spanish auctions later in the week.
  • Despite continued impasse in Italian gov't formation, BTP spreads remained relatively contained. Next up is a Tues evening meeting between lower house speaker Fico and Pres Mattarrella over whether a gov't coalition headed by PM Conte can be agreed.

Closing yields/10-Yr Spreads to Bunds:

  • Germany: The 2-Yr yield is up 0.4bps at -0.719%, 5-Yr is up 1.9bps at -0.711%, 10-Yr is up 2.7bps at -0.489%, and 30-Yr is up 3.4bps at -0.043%.
  • UK: The 2-Yr yield is up 1.5bps at -0.091%, 5-Yr is up 2.1bps at -0.013%, 10-Yr is up 2.8bps at 0.349%, and 30-Yr is up 3.4bps at 0.926%.
  • Italian BTP spread up 0.3bps at 114bps / Spanish down 0.6bps at 60.5bps
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