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EGBs/GILTs: Core European govvies......>

BOND SUMMARY: EGBs/GILTs: Core European govvies have traded slightly firmer this
morning. The US Thanksgiving holiday is underpinning a quiet session.
- Gilts have rallied with yields up to 2bps lower on the day. Cash yields (Last
/ 1d chg / L..H): 2Y (0.4977% / -1.1bp / 0.497%...0.5068%); 5Y (0.4738% / -0.4bp
/ 0.4729%...0.4784%); 10Y (0.6609% / -1.3bp / 0.6597%...0.6644%); 30Y (1.2073% /
-1.9bp / 1.2062%...1.2108%). The curve has bull flattened: 2s10s (15.5bp /
-0.5bp / 14.7bp..15.9bp); 2s30s (70.2bp / -1.1bp / 69.4bp..71.1bp).
- This morning's regional German CPI prints were mixed. The national headline
reading will be published at 1300GMT. Current yield levels: 2-year -0.645%,
5-year -0.603%, 10-year -0.375%, 30-year 0.135%.
- BTPs have sold off sharply, with this morning's auctions seeing the lowest
demand for 10-year paper since 2012. Yields are 3-5bp higher and the curve
marginally steeper.
- French OATs trade close to unch on the day. Current yield levels: 2-year
-0.604%, 5-year -0.402%, 10-year -0.059%, 30-year 0.724%.

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