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EGBs/GILTs: EGBs have rallied across...>

BOND SUMMARY
BOND SUMMARY: EGBs/GILTs: EGBs have rallied across the board while gilts have
pulled back from a strong start. Equities have inched lower, while some
semblance of stability has returned to front oil.
- We have received a lot of questions concerning Italy's credit rating decision
today from S&P. The CR currently sits two grades above junk with a decision
expected after the market close.
- Italy sold E1bn of the 0.40% May-30 BTPEi and E2.75bn of the Nov-21 CTZ this
morning. 
- Gilts are now broadly unch on the day have started on a stronger footing.
Current yield levels: 2-year  0.037%, 5-year 0.152%, 10-year 0.277%, 30-year
0.607%.
- The bund curve has bull flattened with the 2s30s spread down 2bp.
- French OAT yields are 4-5bp lower with the curve similarly flattening.
- Italian BTPs have traded in line with core EGBs. Yields are 5-7bp lower across
the curve.

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