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EGBs-GILTS: Soft Start To ECB Week

BOND SUMMARY

Bunds and Gilts are a little lower to start ECB week, with periphery spreads trading slightly tighter.

  • In truth, most attention focused to events later in the week: ECB decision and U.S. CPI Thursday are the most likely market movers among scheduled events.
  • In supply today, EFSF tapping Apr 24 bond via syndication (E2bln). Apart from that it's all bill sales.
  • Earlier, German factory orders missed expectations (though prior revised higher); no other Tier 1 data this morning.
  • ECB's Holzmann speaks at 0900BST (on Austrian Fin Stab report) and BOE's Breeden at 1500BST (on "Greening the financial system").

Latest levels:

  • Sep Bund futures (RX) down 13 ticks at 171.81 (L: 171.8 / H: 172.03)
  • Sep Gilt futures (G) down 15 ticks at 127.14 (L: 127.14 / H: 127.31)
  • Sep BTP futures (IK) down 10 ticks at 150.64 (L: 150.57 / H: 150.8)
  • Italy / German 10-Yr spread 0.4bps tighter at 108.2bps

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