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EGBs traded slightly weaker at the......>

EGB SUMMARY: EGBs traded slightly weaker at the open but have hardly looked back
since despite a strong showing in the equity markets too. The 10Y Bund yield is
2.1bp lower at 0.741%, which put the yield in the lower half of the weekly range
of 0.72-0.79%. 
- Citi have recommended pulling the trigger on European debt markets and
Barclays recommend going long Treasuries. These reports appear to have fallen
upon receptive ears.
- The only data of note were weak UK retail sales numbers that also helped push
EGBs higher.
- A couple of OAT block trades have shown up and because of early outperformance
of the 15Y sector of the curve, it is a fair guess that French life insurance
was buying early today. 
- However, the peripheral markets are stronger than the core, led by a 14bp
decline in the enormously volatile Greek market. Bund-BTP and Bund-Bonos spreads
are 2.3bp and 3.3bp tighter respectively.
- Much talk of limited supply next week, even if Belgium or Spain are included.

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