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EGBs/GILTs: The risk-off theme.........>

BOND SUMMARY
BOND SUMMARY: EGBs/GILTs: The risk-off theme continues this morning with
longer-end yields inching lower. 
- Better than expected UK retail sales data (ex auto fuel: 1.2% Y/Y vs 0.50%
survey) comes on the heels of yesterday's inflation surprise. It has done little
to dent demand at the longer end of the curve, although yields at shorter
maturity are marginally higher. 
- Gilt yield levels: 2-year 0.516%, 5-year 0.466%, 10-year 0.589%, 30-year
1.064%.
- The bund curve has flattened with the 2s30s spread 2bp narrower.
- OATs have rallied across the board with the longer end slightly outperforming.
- BTPs have rallied inline with core EGBs. The belly of the curve marginally
outperforms. Current yield levels: 2-year -0.209%, 5-year 0.293%, 10-year
0.916%, 30-year 1.915%.

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