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EGBs/GILTS: The UK's Brexit............>

BOND SUMMARY
BOND SUMMARY: EGBs/GILTS: The UK's Brexit negotiators arrive in Brussels today
with some speculation that PM Boris Johnson could be persuaded to accept a
Northern Ireland only backstop. This was previously offered by the EU but
rejected by former PM Theresa May. 
- Gilts have traded weaker from the open with yields 2-3bp higher. Current yield
levels: 2-year 0.494%, 5-year 0.456%, 10-year 0.659%, 30-year 1.145%.
- The European data calendar is light today with just the final Portugal CPI
print for August. 
- EGB yields have drifted lower with Italy underperforming.
- Bund yields are 1-2bp higher with the 30-year weighing. The very long-end of
the curve is marginally steeper.
- The 5-year BTP benchmark yield is up 5bp on the day and underperforming the
curve. Current yield levels: 2-year -0.269%, 5-year 0.402%, 10-year 1.043%,
30-year 2.176%.
- Portugal will come to market later this morning with a tap of 10- and 15-year
PGBs for E1.0-1.25bln. Italy will also be selling E6.5bln in 12-month BOTs.

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