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EGBs-GILTS: Supply Dominates The Morning


A weak and choppy start to Tuesday for Bunds and Gilts, with most attention on supply.

  • Gilts weaker having already anticipated yest evening's UK lockdown announcement. Focus today is on Chancellor Sunak's fiscal relief.
  • Three eurozone sovereign syndications underway: Italy 15-Yr, Ireland 10, and Slovenia 10+tap of 2050, not to mention E6bn German Schatz auction.
  • No market-moving data, and no ECB/BoE speakers scheduled.
  • Tonight, attention will be on US politics, with the Georgia Senate runoff elections.

Latest levels:

  • Mar Bund futures (RX) down 6 ticks at 178.06 (L: 178.02 / H: 178.27)
  • Mar Gilt futures (G) up 4 ticks at 135.64 (L: 135.56 / H: 135.73)
  • Mar BTP futures (IK) down 16 ticks at 151.87 (L: 151.85 / H: 152.17)
  • Italy / German 10-Yr spread 0.4bps wider at 115.6bps

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