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EGBs-GILTS: Early Reversal

BOND SUMMARY

Bunds and Gilts have given up some of Thursday's/overnight's sizeable gains, with equities tentatively bouncing back. Periphery spreads trading in choppy fashion.

Potentially some month-end rebalancing factors in play.

Q2 GDP numbers have obviously been terrible but mixed vs expectations (France/Italy better, Spain worse). Eurozone aggregate out in an hour.

DMO announced quarterly Gilt issuance schedule; one surprise is re-open of Nov-56 linker.

Otherwise, no issuance today and no central bank speakers.** Latest levels:

  • Sep Bund futures (RX) down 9 ticks at 177.6 (L: 177.52 / H: 178.01)
  • Sep Gilt futures (G) down 2 ticks at 138.63 (L: 138.58 / H: 138.76)
  • Sep BTP futures (IK) up 6 ticks at 147.44 (L: 147.35 / H: 147.67)
  • Italy / German 10-Yr spread 1bps tighter at 150.2bps
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