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- Following the early morning...........>

EGB SUMMARY
EGB SUMMARY: - Following the early morning sell-off, German bund yields have
drifted lower since mid-morning. The benchmark 2-year bund trades at -0.622%
down from -0.612%, while the 10-year trades at 0.406% down from 0.4195%. The
curve has steepened since the open with the 2s10s trading up to 102.1bps from
99.3bps.
- French OATs have similarly rallied since mid morning. Current yields: 2yr
-0.432%, 10yr 0.761%, 30yr 1.634%
- Italian BTPs have rallied during the day and the curve has steepened on the
back of the short end outperforming. The 2-year BTP yield has pushed down to
0.976% from a high of 1.060%, while the 2s10s spread has widened to 239.1bps
from 234.6bps.
- The front end of the Spanish curve has traded sideways while the longer-end
sold off from midday. The 10-year benchmark trades at 1.569% from a low of
1.534%.
- The Euribor futures strip is broadly flat to 1.0 ticks lower.     

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