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EGBs-GILTS: Periphery Spreads Widen To Open The Week

BOND SUMMARY

Bunds and Gilts are a little stronger (though off session's best levels), with periphery EGBs the bigger standouts with spreads widening, led by BTPS.

  • Core FI retracement took place against backdrop of falterning equities; periphery spreads continued to widen. 10-/30-Yr Yr BTP yields hitting highest since July.
  • Slovakia provides the only bond supply today (E500mln).
  • BOE's Tenreyro, Vlieghe, and Haldane speak in the afternoon. Light on data (Italy final Apr CPI in line).

Latest levels:

  • Jun Bund futures (RX) up 12 ticks at 169.1 (L: 168.93 / H: 169.35)
  • Jun Gilt futures (G) up 15 ticks at 127.58 (L: 127.54 / H: 127.77)
  • Jun BTP futures (IK) down 16 ticks at 145.22 (L: 145.04 / H: 145.75)
  • Italy / German 10-Yr spread 2.4bps wider at 122.4bps
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