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EGBs-GILTS: Risk-On, With US Election In Focus

BOND SUMMARY

Bunds and Gilts have seen early bear steepening with periphery EGB spreads mixed. It's a risk-on session as equities rally and the dollar weakens on US election day.

  • UK sells GBP4.75bln in Gilts; Austria ~E0.7bn in RAGB, Germany E0.5bn in linkers.
  • No data of note; ECB's Knot appears for a second time today later (1400GMT), earlier today said the EU needs to develop more funding mechanisms to support growth amid the pandemic.
  • In the UK, BoE's Thursday decision eyed with QE / lockdowns /Brexit talks in focus.

Latest levels:

  • Dec Bund futures (RX) down 20 ticks at 176.04 (L: 176.03 / H: 176.37)
  • Dec Gilt futures (G) down 23 ticks at 135.84 (L: 135.83 / H: 136.09)
  • Dec BTP futures (IK) down 18 ticks at 149.32 (L: 149.29 / H: 149.58)
  • Italy / German 10-Yr spread 0.1bps wider at 138.9bps
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