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EGBs-GILTS: Weak Open (Though Not For BTPs)

BOND SUMMARY

Global core FI is weakening with bear steepening, with Bunds and Gilts lower.

  • German and UK 30-Yrs up 3-4bps, with USTs moving in similar fashion, unwinding the early 2020 pandemic move. Lower global COVID case numbers over the weekend helping risk (EQs higher).
  • BTP spreads tighter as Draghi moves closer to forming a gov't; more talks today.
  • In speakers, we get BOE's Bailey before the Treasury Select Committee at 1530GMT, then ECB's Lagarde and Villeroy speaking separately at 1600GMT.
  • But light data calendar ahead and no bond supply today.

Latest levels:

  • Mar Bund futures (RX) down 47 ticks at 175.7 (L: 175.61 / H: 175.99)
  • Mar Gilt futures (G) down 31 ticks at 131.92 (L: 131.73 / H: 132.02)
  • Mar BTP futures (IK) up 1 ticks at 152.42 (L: 152.39 / H: 152.7)
  • Italy / German 10-Yr spread 3.1bps tighter at 95.1bps
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BulletMarketsFixed Income Bullets

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