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

BOND SUMMARY
BOND SUMMARY: EGBs/GILTs: European govvies have sold off this morning with very
little in the way of data of headlines as obvious catalysts. Curves have broadly
bear steepened with core markets leading the charge
- Gilt yields are 5-8bp higher with the 2s10s spread trading up 2bp.
- The very long-end has underperformed the bund sell-off with the 30-year
benchmark yield up 7bp. Current yield levels: 2-year -0.617%, 5-year -0.482%,
10-year -0.196%, 30-year 0.337%
- The French OAT curve is 4bp steeper on the day.
- Italian BTPs have lagged the broader sell-off. Yields are 3-4bp higher.

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