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EGBs-GILTS: Just Off Week's Lows

BOND SUMMARY

Modest weakness so far Friday in both Bunds and Gilts, which have both bounced off the session lows (which corresponded to the week's lows).

  • DMO announced FQ2 gilt operations calendar earlier; see our bullets for details.
  • French prelim May inflation was in line with survey, while Q1 GDP was unexpectedly revised lower (and from expansion to contraction). We get Eurozone confidence data at 1000BST.
  • ECB's Schnabel said rising yields are a "natural development at a turning point in the recovery"; Villeroy said bank dividend restrictions should be lifted from next September.
  • Italy sells up to E8.5bln of BTP/CCTeu.

Latest levels:

  • Jun Bund futures (RX) down 10 ticks at 169.69 (L: 169.53 / H: 169.82)
  • Sep Gilt futures (G) down 6 ticks at 126.97 (L: 126.82 / H: 127.03)
  • Jun BTP futures (IK) up 5 ticks at 147.09 (L: 146.83 / H: 147.18)
  • Italy / German 10-Yr spread 0.6bps tighter at 110.2bps
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