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EGBs-GILTS: Edging Higher From Lows

BONDS

Bunds and Gilts are a little higher in early Tuesday trade, with periphery spreads re-tightening following underperformance Monday. Supply is in focus this morning.

  • UK and German curves fairly flat but futures have fully retraced early lows. Fairly narrow ranges persist though (and within Monday's so far).
  • Finland syndication of E3bln of 5Y RFGB underway; UK selling GBP3bln of 5Y Gilt and Germany E3bln of 7Y Bund.
  • ECB's Schnabel speaks at 1330BST.
  • In the session's only European datta of data of note, German 2Q GDP was revised a little higher in the final reading.

Latest levels:

  • Sep Bund futures (RX) up 6 ticks at 176.95 (L: 176.66 / H: 176.96)
  • Sep Gilt futures (G) up 7 ticks at 130.2 (L: 129.93 / H: 130.2)
  • Sep BTP futures (IK) up 12 ticks at 154.96 (L: 154.71 / H: 154.96)
  • Italy / German 10-Yr spread 0.6bps tighter at 105.6bps
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