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EGBs-GILTS: Spotlight On Busy Issuance Schedule

BOND SUMMARY

Bunds and Gilts are a little weaker with the curves bear steepening, and periphery spreads are slightly wider, with very large issuance today in the spotlight.

  • Austria dual-tranche and Spain 15-Yr syndications are underway; we also get and auctions from the Netherlands, Italy, Germany, and the UK.
  • UK Feb GDP came in slightly below expectations; Italy industrial production (0900BST) and German ZEW (1000BST) the upcoming data points of note. Though global attention on US CPI at 1330BST.
  • Only scheduled speaker is ECB's Villeroy at 1530BST (he's already been on the wires today, discussing the French lockdown's impact on econ activity).

Latest levels:

  • Jun Bund futures (RX) down 14 ticks at 171.16 (L: 171.05 / H: 171.28)
  • Jun Gilt futures (G) down 9 ticks at 128.03 (L: 127.92 / H: 128.07)
  • Jun BTP futures (IK) down 18 ticks at 148.25 (L: 148.16 / H: 148.51)
  • Italy / German 10-Yr spread 1.3bps wider at 104.1bps

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