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- German bund yields have drifted.......>

EGB SUMMARY
EGB SUMMARY: - German bund yields have drifted higher since the late morning and
the curve has steepened a touch. The 2-year benchmark trades at a yield of
-0.545% up from -0.5597%, while the 10-year yield has edged up to 0.521% from a
low of 0.489%.
- The French OAT curve has steepened on the back of the longer end
underperforming. The 2s10s spread has widened to 124.2bps up from 120.2bps.
- Italian BTPs have sold off during the day, although the daily ranges are
somewhat more subdued than in recent days. The 2-year BTP trades at 1.528% up
from 1.404%.
- The shorter end of the Spanish curve has rallied since midday while the
sell-off at the longer end lost momentum by mid morning. The 2s10s spread has
traded up to 177.5bps from 173.3bps.
- The Euribor futures strip has flattened with whites flat to 0.5 ticks lower
and greens/blues up 2.0-3.0 ticks.

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