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EGB SUMMARY: EGBs have drifted lower over the course of Friday, with a few sharp
headline/data-related movements along the way.
- The Jun 19 Bund future is down 13 ticks at 164.41, near bottom end of intraday
range of 164.31-164.74. The 2-Yr yield is up 1.3bps at -0.534%, 5-Yr is up 2bps
at -0.348%, 10-Yr is up 0.3bps at 0.07%, and 30-Yr is down 1.8bps at 0.712%.
- Bunds rallied on poor headline US nonfarm payroll numbers at 1330GMT, but the
negativity surrounding the number was quickly faded (possible one-off factors,
strong average hourly earnings, etc).
- BTP futures likewise down slightly on the day, by 7 ticks at 129.16. Weakness
concentrated at short-end of the curve, with 2-Yr yield up 6.3bps at 0.151%,
10-Yr is up 3.6bps at 2.505%. 10-Yr spread vs Bunds up 3.4bps at 243.6bps.
- Spanish and Portuguese spreads up under 0.5bps; Greece 5.1bps wider.
- Weekend attention likely to be paid to Brexit headlines ahead of UK`s votes
next week, and possibly noise in Rome around a 5-Star/League schism over a
planned Alpine tunnel between Italy and France.
- S&P rates Cyprus after U.S. markets close Friday.