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- German bunds have rallied across......>

EGB SUMMARY
EGB SUMMARY: - German bunds have rallied across the curve since the open. The
benchmark 2-year bund yield has traded down to -0.645% from -0.654%, while the
10-year is down to 0.298% from 0.309%. The curve has flattened slightly with the
2s30s spread narrowing to 160.7bps from a high of 161.6bps.
- French OATS have similarly rallied this morning, although there has been
little overall movement in the curve. The benchmark 2-year trades at -0.457%
from a high of -0.446%, the 5-year at -0.005% from 0.012% and the 10-year at
0.656% from 0.671%.
- Italian yields have drifted higher and the steepening of the curve since the
open ahs been partially reversed over the past two hours. The 2-year yield has
edged up to 1.287% from a low of 1.226%, while the 10-year trades at 3.140 up
from 3.084%.
- While the short end of the Spanish curve has rallied, the middle and longer
end have lacked clear direction.
- The Euribor futures strip has flattened with greens/blues up 1.0 ticks.

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