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EGBs/GILTs: The risk of a disorderly...>

BOND SUMMARY: EGBs/GILTs: The risk of a disorderly Brexit continues to linger as
the UK government has indicated that it will write into law provisions that will
prevent a further Brexit extension. 
- This morning's UK labour market data showed 24k job gains on a 3m/3m basis,
with consensus expecting a 14k loss.
- Gilts have rallied this morning with the belly of the curve outperforming.
Current yield levels: 2-year 0.542%, 5-year 0.576%, 10-year 0.767%, 30-year
- BTPs initially sold off on the back of an ANSA report that stated the Italian
parliament could hold a confidence vote on the budget on December 22nd. Futures
and cash yields have since reversed.
- Core EGBs have traded firmer this morning.
- Current German bund yields: 2-year -0.637%, 5-year -0.545%, 10-year -0.293%,
30-year 0.221%.
- The longer-end of the French OAT curve has marginally outperformed.

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