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EGBs-GILTS: Off Lows With Equities Fading

BOND SUMMARY

Gilts and Bunds are trading weaker with a bit of bear steepening, though off the lows as overnight equity gains (in spite of shocking scenes in the U.S. capital) have faded.

  • Very strong German factory orders this morning (and revisions); we get Italian and Eurozone Dec prelim inflation later this morning.
  • Another strong day of issuance: Spain sells E6.75bn of Bonos and linkers, with France selling up to E11bn of OAT.

Latest levels:

  • Mar Bund futures (RX) down 5 ticks at 177.32 (L: 177.17 / H: 177.5)
  • Mar Gilt futures (G) down 16 ticks at 134.80 (L: 134.72 / H: 134.92)
  • Mar BTP futures (IK) down 21 ticks at 151.7 (L: 151.61 / H: 151.78)
  • Italy / German 10-Yr spread 1.4bps wider at 110.1bps
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