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European debt markets on moving.........>

EGB SUMMARY: European debt markets on moving higher this morning and the reasons
are numerous:
- Month-end asset rebalancing will strongly favours bonds over equities, bond
index month-end duration extensions are supportive with a large 0.08Y rise in
the Bloomberg-Barclays Euro Treasury index. There is a E19.5bln redemption in
Spain today and very little in the way of supply, just E4bln of 5Y debt from
- The move higher in EGBs might have been larger but for a large French CPI beat
that was only partially offset by Spanish inflation coming in slightly below the
- French HICP rose to 1.5%Y/Y in January from 1.2%Y/Y and compared to consensus
of 1.1%Y/Y.
- The 10Y Bund yield is -1.1bp at 0.673%, despite small strength in European
equity markets first thing this morning, with little change in the yield curve
- Peripheral debt markets are strong, generally tightening 1bp to Germany at 10Y

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