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EGB SUMMARY: EGBs were pushed around by flows, rather than news on Monday. There
was considerable flow at the front end of the curve in early trade both in the
Schatz and paying activity in the swap curve. Additionally, early trade was
driven by talk of Japanese lifers buying French and German debt.
- The move higher collapsed quickly and then went few a more, largely
flow-driven oscillations before settling down.
- The Italian market was well-bid in the morning, responding to the Treasury's
announcement on Friday that Thursday medium and long term auction would not
include a 5Y and instead would be very small. That Italian supply surprise ran
out of legs and the 2.5bp Bund-BTP spread tightening was unwound completely by
the European lunchtime.
- The German curve headed into the close with a fairly parallel 1bp declined
from 2-30Y. The 10Y Bund yield was at 0.35%.
- Italy successfully sold E2bln of its 2Y CTZ benchmark. Core-periphery spreads
were close to unchanged, although Irish debt did see a 1bp tightening to
Germany, very interesting given the political backdrop.