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EGBS: Lower, Supply Weighs

EGBS
EurozoneBulletGlobalFixed Income BulletsRegionMarkets

Setup for this morning’s French & Spanish supply seems to be weighing on EGBs.

  • Bund futures -11 at 135.03 vs. session lows of 134.95.
  • German curve bear steepens, yields 0.5-2.5bp higher.
  • 10-Year EGB spreads to Bunds flat to ~1.5bp wider.
  • OATs widen the most, with spread back out to 78bp, sticking within the recent range and holding below the psychological 8bp level.
  • No lasting reaction to the services PMI data seen this morning (much of which represented final readings).
  • Liquidity thinned out by the observance of the German Unity Day holiday.
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Setup for this morning’s French & Spanish supply seems to be weighing on EGBs.

  • Bund futures -11 at 135.03 vs. session lows of 134.95.
  • German curve bear steepens, yields 0.5-2.5bp higher.
  • 10-Year EGB spreads to Bunds flat to ~1.5bp wider.
  • OATs widen the most, with spread back out to 78bp, sticking within the recent range and holding below the psychological 8bp level.
  • No lasting reaction to the services PMI data seen this morning (much of which represented final readings).
  • Liquidity thinned out by the observance of the German Unity Day holiday.